" . . .in this business, you get slapped around once in a while! "
Intraday Investments Trading Summary for Thursday, June 7, 2001
We came into the day with the following swing plays: IVGN short, THQI short, FRX short, and HWP short. We are also still short WMS (which showed its first reversal day yesterday) and the BKX and KKD calls from a week ago. Early in the session, we were stopped out of THQI with a .45 loss. Later in the day we re-entered THQI short and were stopped out again for -.55. Similarly, we were stopped out of HWP for -.65, FRX for -.98 and IVGN for -1.70 (all overnight plays).
As for our intraday trades, we took HLIT long but immediately got out of the position for a .10 loss. The stock began showing signs of relative weakness as soon as we entered the trade. EXTR, BKS and the QQQ were other intraday shorts that stopped us out for losses (-.54 on BKS , -.31 on EXTR and -.89 on the QQQ’s). We also traded SCH short and got stopped out for a scratch. The KKD short calls moved against us approximately one point today also. On the bright side, we went long JNPR for +1.25 and short WMT for a profit of $0.44. We also shorted HAL for +.47 profit (both from our stalk list).
Although we had approximately a 4 point net loss from our stock trading today, this was offset by the fact that our short BKX calls moved 4 points in our favor today, as the premium is starting to decay quickly and the underlying moved in our favor. We are carrying the following positions overnight: HWP short (re-entered into the close), IVGN short, CAT short, WMS short, BKWFD (June Banking Index calls) short and KKDFN (krispy kream calls) short.
It was just one of those days when we got hit with a string of back to back losers, as the Dow whipsawed several times up and down the range. These days happen in trading; it's part of the business.
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
