“Sleepy, pre-holiday rally”
Intraday Investments Trading Summary for Tuesday, July 03, 2001
Although the trading session today was shortened due to the holiday, we had a profitable day largely due to our overnight short positions that gapped down on the open. In addition, several stocks that triggered on today’s stalk sheet also yielded profitable results for a few intraday trades. The Oil Service (OSX) reversal that today’s Stalk Sheet predicted followed through today, which helped our TDW long swing trade as well.
Our most exciting and profitable trade of the day was the ERTS short that we have been swing trading for the past few days. It dropped hard on the open and we covered near the bottom by using a half-point trailing stop to lock in profits near the bottom. This resulted in a net profit of 4.3 points on the final position size that we covered today (netted 1.6 points on the first third yesterday). We also made the following round-trip trades today: short EMLX + 1.37 (only covered one third of position and took rest overnight), short JNPR + 0.22, short QLGC + 0.27 (sum of two entries after getting stopped out overnight), short A – 0.13, short STJ – 0.63, short NVDA – 0.65. Finally, we covered the CTXS overnight short position this morning with a ¼ point trailing stop for + 1.22. In summary, we netted about 6 points today, which we were satisfied with considering the light volume in this shortened trading day.
Going overnight tonight, we are still long TDW (with one point unrealized profit so far), short EBAY, short IBM July 110 calls (now showing an unrealized gain of about 1.5 points), short NVDA July 85 calls. New positions we took overnight are: BRCD short, EMLX short, and THC short.
Remember the markets are closed for Independence Day tomorrow. Have a fun and safe holiday and we’ll write again on Thursday!
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
