11/24 Day/Swingtrades

What goes down must come up...I guess. That was another monster rally today. You could sense the shorts were panicking. Too bad it is the start of a new month. All the option premiums are sky-high. I knew SRS/SKF were going down hard but stayed away from them because I didn't want to tie up too much capital shorting them. Puts were just out of the question given the premiums. We've now bounced over 1000 points on the Dow from Friday's lows. I'll play a momentum push at the open and will probably go back to cash to let things settle down. This is a low-volume week and anything can happen...especially Friday.

In addition to the trades below, I got stopped out of OIH a couple times for $0.40 loss each time. The chart and my entry/exits are boring so I'm not posting it.

ICE - This definitely got away from me. ICE tends to rebound hard on market rallies. I thought I got a decent/early entry @ 61.19. ICE rallied to 63.00 (the opening range high, that's why I tend to use this level on early morning rallies) and fell back. I moved my $1.00 stop up too soon and was taken out for $0.19 loss. I was too busy to re-enter later on.

CME - Again, similar to ICE, CME tends to move big on the rebounds. This was a much riskier trade so my position-size was 25% of the norm. The best entry would have been around 174 but I was late and just banking on momenutum, ready to bail if the 5-min bar low could not hold. I picked up shares @ 188 and held them all day and finally got the push into the close.

UYG - With the strength in financials, I had to get in on UYG. The tight, narrow range at the open was easy to determine a stop level. I picked up shares @ $4.55 and sold half at the close when I noticed GS and other financials start to fade.

MS - I picked up some shares as the opening range high was taken out around $11.50. There was a nice narrow range (less than $0.50) so I was able to position-size accordingly. I took partial profits to lock in $1.00 and sold the rest as a double-top formed around $13.50 prior to the close.