Intraday Investments Trading Summary for Tuesday, June 5, 2001
We came into the day with the following positions on the books: WMS short, NVDA short, AMAT short, JNPR short, TARO June 70 puts long, RMBS long, ATVI short, BKX June 920 calls short, and KKD June 70 calls short.
The market gapped slightly up this morning putting the majority of our positions in the red, since we were mostly short. After waiting for the reversal period at 10:00 am to determine if the Nasdaq and S&P Futures would fill their respective gaps, we began covering those short positions that were moving strongly upwards with the markets. We covered JNPR, AMAT, and NVDA for a total loss of approximately 3 points. Needless to say, it was a rough start to the day.
On a brighter note, we made + 1 point of profit on our RMBS overnight long position (including a re-entry intraday). In the mid-morning session, we went long MEDX (per our Stalk List entry) for a solid profit of +.64. We also made a profit of 75 cents on our TARO June 70 puts this morning, but to our regret, TARO ended up dropping almost 10 points today! In the afternoon we made 60 cents profit on QCOM long, 20 cents profit on HLIT long, and also shorted CELG as a swing short. We closed the session with a 50 cent profit buffer on this trade going into tomorrow’s session.
As for our other swing plays, we are still short WMS, ATVI, the BKWFD calls and a small portion of our KKDFN calls (which has treated us very well).
Through sound trade management, we ended up turning the bad start around and salvaged the day by ending down only 0.30 point. Considering the slow start and the huge opportunity missed on the TARO puts, I suppose that is not too bad. We kept the losses tight and lived to fight another day!
Trade Well,
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
