”The waiting is over. . .”
Intraday Investments Trading Summary for Wednesday, June 27, 2001
Much to nobody’s surprise, the morning session was marked by low volume as traders awaited the decision by the Feds at 2:15 p.m. EDT. We saw a bit of a rally during the first ninety minutes of trading, but nothing that convinced us to be aggressive in the markets, especially given the low volume. After sideways action during the doldrums, the FOMC decision to lower a quarter point came and the markets sharply sold off before recovering into the close.
We didn’t make many trades today and took a conservative stance in the markets due to the low volume in the morning and the whippiness in the afternoon. However, we still ended the day profitable. We made 7 round-trip trades today with 4 winners and 3 losers, netting us a bit less than half a point of profit on our round-trip, closed positions.
We covered the rest of our EBAY from overnight breakeven (we added to the short this morning). Also made the following intraday trades: ERTS long + 0.15, JNPR short + 0.25, ORCL long – 0.12, SCH long + 0.30, OPWV long + 0.32, JDSU long – 0.04, CELG short – 0.55.
We took the following new positions overnight: ERTS short (swing trade with unrealized gain of 0.60), EBAY short (re-entry with unrealized gain of + 0.65), DIA short, JNPR short, and VTSS short. We are also still short NVDA (which had a nice selloff today), short NVDA July 85 calls, and short IBM July 110 calls. Although our intraday trades did not make us much profit today, we are well positioned to realize significant profits going into tomorrow.
Now that the FOMC meeting is behind us, we expect the volume and volatility to return to the markets, which is what we short-term traders thrive on. J
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
