“Whipsaw City”
Intraday Investments Trading Summary for Wednesday, June 20, 2001
We received a bad case of whiplash today as the futures markets went from the lows of the day to the highs and repeated that cycle again in the afternoon session. This made trading on both sides of the market a bit challenging and caused us to get stopped out of quite a few positions, causing a net loss for the day. The important thing to remember on days like today is to use stop losses so that the net loss for the day can be recouped in just a few positive days (which we typically have four days per week).
Here is a listing of our intraday trades today: EMLX short + 0.85, CEPH long + 0.57, FDRY short breakeven, JNPR long – 0.55, EBAY short – 0.57, EXTR long – 0.57, GLW long – 0.27, PMCS long – 0.52, IDTI long – 0.50, CIEN long – 1.15, SNPS short – 1.20, NVLS short – 0.70, QLGC short – 1.00. In addition, we also got stopped out of our swing plays in GILD, SCMR, and JDSU for a total loss of 3.15. In summary, today netted a loss of approximately 8.67 points.
Still holding NVDA short (added small amount to short position today at 87) as a swing trade. Also re-entered the following positions to take overnight in anticipation of follow-through gap up: PMCS long (with 0.50 unrealized gain), IDTI long (with 0.62 unrealized gain), and SCMR long.
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
