DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS Message Board

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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS

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To: - who started this subject	5/19/2001 8:29:37 PM
From: drfibo	of 565

UPDATE ON TODAY'S TRADING: Friday May 18, 2001 Today was an up and down day on the equity curve. We came into the morning long KEI as a breakout play and KEI followed through nicely. We have worked our way into a break even stop on KEI and are still in the position (currently up over 1 pt). Our first trade of the day was DD (Dupont) short. The chemical sector has gotten a bit overextended and DD was showing signs of pulling back. We entered this trade short at $49.24 and covered at $48.68 for a low risk $0.54 profit. We also entered NVDA, HGSI and EBAY short in the morning session. We placed a trailing buy stop on all three trades which were displayed in our new live postion minder. NVDA dropped as low as $85.00 before recovering to end the day near $86.50. We covered the NVDA short for + $1.20 once the Nasdaq futures broke it's downtrend started in the afternoon session on Thursday. NVDA is a big momentum mover and we didn't want to take the chance of taking the stock overnight with the Nasdaq ($COMPX) consolidating just below resistance of 2230 and bullish internals in the market. Even though Biotechs showed signs of relative weakness early in the day, HGSI plowed through it's 200 m/a on the daily chart and we were stopped out for a - $1.00. We initially took EBAY on as a swing short with our stop set just above the day's high which at the time was $62.50. This trade was setting up well until late in the afternoon session when EBAY took out it's high of the day and we were stopped out taking a $1.00 loss. EBAY does have some resistance at $62.75 (Thurday's High) but once again, we didn't like the risk reward with bullish market internals and the strong closing performance made by EBAY. Late in the session, we opened a long position in INHL with the intention of holding it overnight if it closed above $25.83 (Thursday's closing price). We got whipsawed out of this long position as INHL began to sell off briskly 15 mins before the close on solid volume. We covered for a $0.15 loss. INHL then proceeded to rally above Thursdays close in the last 10 mins of trading. Such is the life of a trader. We will monitor this stock carefully into the open on Monday. Essentially, Friday was a wash. The only position we took over the weekend was KEI (and a small KKD put position) which is acting very bullish. See you on Monday! Trade Well - DrFibo

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