”Back into the Biotechs”
Intraday Investments Trading Summary for Friday, July 13, 2001
Per Friday’s Stalk Sheet forecast, the Biotech sector finally bounced off the lows that were set after several weeks of weakness. Since we were prepared with our Stalk Sheet, we spotted the reversal early in the morning session and capitalized on this by buying the pullbacks and selling the rallies on several Biotech stocks intraday. We also took advantage of trading the Biotech holder stock (BBH) since we knew we wanted to be in that sector as a whole. As a result, we had a rather profitable day on Friday.
Here is a summary of our intraday trades on Friday: AMGN long + 1.33 (net profit from four round trips), BBH long + 1.10, CORR long + 0.36, QCOM short + 0.26, PDLI long (scratch), XLNX short (scratch), THC short (0.20), HAL long (0.60). We also got stopped out of our SLB long from overnight with a loss of 1.07 points (but re-entered for overnight after getting stopped out). Including the SLB overnight trade, we netted a profit of about 1.10 points today (or about + 2.20 points for those that just traded our intraday trades).
We took the following positions overnight on Friday: ERTS short, SLB long, DO long and SCMR long (from Thursday’s entry).
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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