DAILY TRADING SUMMARY FOR TUES MAY 22
Deron covered the early trading in post #79 -- although there was only modest level of up-gapping today we walked away from our overnight swing longs taking profits on the gap-ups for decent net profits on the overnights, despite disappointing small gaps down in EXTR and RBAK. We shot RBAK on the spot, and trailed EXTR up before bailing, minimizing the collateral damage from those two while we took profits in the other six positions at the open, or shortly thereafter by trailing stops.
During the mid-session, we gave a little back taking some losses in scalp shorts as the choppy, narrow-range whipsaw market proved difficult to trade (we would have been better off flat). However, in the final hour we were able to enter some short positions which paid off handsomely, including an RFMD short which yielded 2 points.
With the market showing some weakness sell programs hitting into the final half-hour, the $NWX acting short-term toppy and portions of the $SOX getting hit pretty good with end of day profit-taking, we went out short IDTI, JNPR, EXTR, BRCD, RFMD, & DIGL with decent profit cushions into the close; long the Dow & KKD puts (DJVRH, KKDRL); and still long the KEI swing trade from Friday as it continues it's move up. We are looking to cover a little early-morning weakness in the shorts, into what looks like a normal pullback from Monday's big gains; then to get long into any confirmed intraday reversal up.
Overall it was a decent day but nothing spectacular. There are many of those in the life of a trader, and it sure beats losing!:)
-Steve, Deron & Ed
www.intradayinvestments.com |
