Friday, August 8, 2008

8/8 Day/Swingtrades

With energy/commodites gapping lower at the open, I didn't see any great setups so shifted over to technology as it has been showing strength lately. I made a few good daytrades and then chased POT at the close.

RIMM - I bought RIMM as it broke the early morning resistance at 130. I wasn't too confident of the intraday set-up but with the market up big, what the heck.
Bought @ 130.20, Aug 115 Calls
Stop @ 129.20
Sold @ 133.00
Profit - $2.65




AAPL - I entered AAPL as it broke yesterday's high of 166.00.
Bought @ 166.00, Aug 155 Calls
Stop @ 164.90
Sold @ 169.00
Profit - $3.00 on Calls



DECK - Holy Grail (HG) trade...I picked up shares on the bounce off the moving averages.
Bought @ 118.00, shares
Stop @ 116.90
Sold @ 121.00
Profit - $3.00



POT - After a few wins, I started chasing late-day set-ups and bought puts in POT as it broke the narrow range. I forgot to remind myself, "a rising tide lifts all boats". The 300+ gain in the Dow lifted POT towards the close as the shorts covered.
Bought @ 170.50, Aug 200 Puts
Stop @ 171.10
Sold @ 171.10
Loss - $0.70



Swingtrades
WM - I dumped these as it was not even close to participating in the early morning strength.
Bought @ 5.10, Aug 5 Calls
Sold @ 4.90
Loss - $0.13 on calls
SHLD - I picked up some Aug 85 Calls as the stock crossed 90.00. I'm also still holding the Aug 95 Calls. Everything was looking great until the sell-off near the close.
CALM - Weak volume but the price held up alright. Maybe a consolidation day before another run-up.

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