”More trading range fun!”
Intraday Investments Trading Summary for Monday, July 09, 2001
While the beginning of last week was marked by light volume due to the holiday, the beginning of this week started off with an incredibly exciting trading range! Sorry, but I could not resist the sarcasm. Today’s action started off bullish, but quickly faded going into the early afternoon, only to recover later in the afternoon before finally going back down again. These are the days when the best plan for short-term traders such as us is to stay on the sidelines.
Since there was not much follow-through on either side of the market today, intraday trading was a bit challenging. As such, we did not make many trades and basically spun our wheels a bit today. Here is a summary of our intraday trades today: QLGC long + 0.70, CORR long + 0.52 (avg. profit from legging out), DOW short – 0.58, NVDA short – 0.87, JNPR long – 0.28, EMLX long – 0.15, HGSI long – 1.05, DNA long – 0.94 (avg. loss from legging out). We lost a total of just under three points on our intraday trades today.
Although our intraday trades were not that exciting today, the highlight of the day was the fact that our IBM and NVDA short calls lost more than two points of premium today, which gives us a very solid profit buffer on the remaining short calls. These two short calls were also the only positions we took overnight tonight, since we were not very convinced of a market trend going into tomorrow’s session.
Trade well,
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
