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 wrote (137)	5/30/2001 11:38:43 AM
From: -	Read Replies (1) of 565

INTRADAY MARKET UPDATE Wednesday May 30 11:30AM EDT We're IN THE DOUGH this morning as the Donuts (KKD) are getting FRIED <G>... we'll sit on the short calls and trail a stop down from break-even. A choppy start to the morning, we tried to buy the gap down (anticipation of a rebound) in VRTS & some of the semi's (RFMD, PMCS, NVLS) and were stopped out of a few, but the losses were fractional so we're already coming back into the green on the day. An IDTI short (Carol spotted that setup for us!), and the options are currently moving in our favor. We're short RBAK which showed some strength on a takeover rumor (ALA, freshly-jilted by LU) to fade that CNBC/media hype-job; our stop on that is fairly close, 0.65 pts up. We will now be limiting putting on any new positions for a few hours, as we enter the afternoon doldrums period. By keeping our losses very tight today, we have been able to quickly rebound from a string of losers with two successful trades. That's the nice thing about buying gap downs, and selling gap ups (when other conditions are right, and never against news)... the risk:reward is often quite attractive (see Deron's recent educational post on that topic). Losses of 1/2 point, vs gains of 1-5 points and more (in the Nasdaq high-flyers) are fairly common when this type of trade entry is well-executed & managed. Fairly ugly market today... networkers off 6.4%, chips off 5.7% 2 hours into the session. The $COMPX is down 80 points (3.7%) and the Dow is flat on the day. Only the Utility sector is in the green. We're playing it light on the short side however, however due to the decent likelyhood we may see an intraday reversal after back-to-back down days in the techs. Good trading! -Steve

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