“Buy! No, Wait, Sell!”
Intraday Investments Trading Summary for Thursday, June 28, 2001
Both the S&P and the Nasdaq had a strong gap-up this morning, followed by a rally in the morning session (likely sparked by the MSFT news). However, after a period of consolidation near the highs, the markets ran out of steam and started selling off about sixty minutes before the close. By the time the markets closed, both the S&P and Nasdaq futures had given back nearly all of their gains above the opening up. So, although the markets sold off hard into the close and gave back most of their gains beyond the opening gap, most sectors closed in the green since the gap was not yet breached.
We took some losses at the open from the shorts we had taken overnight on Wednesday, but we managed the losses well and kept them tight. We closed the following trades from overnight: DIA short – 1.00, VTSS short – 0.80, JNPR short – 1.17. We did not feel the market conditions were right for making many intraday trades today, but here are the round trips we did: AMCC long + 0.10, JDSU long + 0.20, A long + 0.20, BVSN long (scratch), RATL long – 0.43. In summary, we lost 3 points on our overnight trades and broke even on our intraday trades.
We took a short position of IWOV overnight and are sitting on an unrealized gain of 0.75. We also still have the following positions from the prior day: short EBAY, short ERTS, short NVDA, short NVDA July 85 calls, short IBM July 110 calls.
Tomorrow should be interesting as we see if the markets attempt to fill today’s gap and head back down or whether that gap becomes the new support level. Either way, we will be waiting and ready to strike when the moment is right!
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
