”Break of critical support”
Intraday Investments Trading Summary for Thursday, June 14, 2001
As yesterday's weak performance of the Networkers and Semiconductors predicted, the Nasdaq broke the rather critical support area of 2050 – 2075 today and closed at the lowest price seen since April 26. The next big test will be the 2000 level, which the Nasdaq needs to hold in order to avoid retesting the lows of early April.
Our trading today was rather uneventful, although we kept our trader-members out of trouble by being on the short side of the market. We had 11 round-trip trades today with 5 winners and 6 losers. However, since we kept the losses tight, we still ended the day net positive with a profit of a little less than a point.
Here is a list of our trades today (mostly from the Stalk Sheet): NVDA short + 1.91 (two trades), GILD short + 1.25 (profit on 1/3 of position we closed, took remaining 2/3 overnight with approx. 0.30 point in unrealized gain), XLNX short + 0.40, INTC short + 0.15, AMCC short – 0.59, IDPH short – 1.45, HGSI short – 0.45, SFA long – 0.24, JNPR short – 0.24 (two trades). We took JNPR short overnight and currently have one point in unrealized gains from our entry price. Also have 0.30 unrealized profit in overnight GILD short. Our only other position is the June 920 BKX short call, which will likely expire worthless tomorrow.
Until tomorrow,
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
