Wednesday, July 30, 2008

7/30 Swingtrades - Too many positions...

It was tough holding onto positions as the Dow traded all the way back down from the morning highs to close the opening gap. I had switched to the 30-min chart to help manage the stops. It looks like the recent fear is being replaced by fundamentals as the old leaders are trading back to relatively fair values. I'm carrying too many positions at this point so will look for exit opportunities tomorrow:

I dumped these losers as they showed no participation during the morning strength:

NIHD
Bought @ 53.52
Stop @ 52.40, moved to 52.90
Sold @ 52.90
Loss - $1.00 on Calls

BIDU - I should probably have had more patience with this one but wanted to move my capital elsewhere.
Bought @ 344.00
Stop @ 339.00, moved to 346.00
Sold @ 346.00
Profit - $2.00 on calls

SHLD
Bought @ 78.14
Stop @ 76.90, moved to 78.90
Sold @ 78.90
Profit - $0.20 on Aug 80 Calls, $0.00 Aug 70 Calls


I'm holding these:

BG - yes, I re-entered AGAIN....
Bought @ 101.05, Aug 95 Calls
Stop @ 98.90

LEH - I rolled the Aug 10 Calls to the Aug 17.5 Calls to help manage risk
Aug 10 Calls
Bought @ 15.63, Pyramid @ 16.58
Sold @ 18.00
Profit - $1.90 & $1.20 on calls

Aug 17.5 Calls
Bought @ 18.35,
Stop @ 16.90

WB - moved stop to 16.40

WM - yesterday's buy is still looking good. I'm moving the stop to $4.20 for half the position and $4.50 for the other half. C'mon $10, almost halfway there!

PTR - moved stop to 132.00

SQM - I was stopped out of this one last week but hopefully the mojo is back in the ferts and this one can pick up some momentum. I'm still a bit gunshy so went with a starter position. I'll pyramid with Aug 45 Calls if it shows strength.

Bought @ 41.00, Aug 30 Calls
Stop @ 39.90


MOS - I took my eye off MOS and it ran past my buy point at $126. I should have put in a buy-stop. I decided to enter late in the day

Bought @ 131.50, Aug 110 Calls
Stop @ 127.90



OLN - the daily chart has been looking real good. Earnings are out so hopefully this will start running.

Bought @ 30.09, Aug 25 Calls
Stop @ 29.40



FMCN - Here's another China stock that may be rebounding. CTRP has stronger fundamentals but I missed the break-out early in the morning so I went with FMCN.

Bought @ 29.67, Aug 30 Calls
Stop @ 28.40


3 comments:

hayfro said...

I specialize in tracking momentum stocks and I thought my site might help you out.

www.zentrader.ca

And a link to my public watchlist is http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2177228

If you find my site useful I'd appreciate being added to your blogroll. Thanks.

Jeff

Darwin said...

OE, you could be right on that $10 price tag on WAMU (tongue & cheek). Actually some valid and not so valid info is starting to gain a little momentum on this one and with 260MM short, this could catch fire. So, is it BK or Takeover? I'm betting on the latter.

OE Trader said...

Thanks, Jeff. I'm always open to new ideas.

Right on, Darwin! Just remember, I need this to happen before Aug 15h! :)

OE