“Rally into resistance”
Intraday Investments Trading Summary for Tuesday, July 17, 2001
Per today’s stalk sheet, we shorted several retail stocks on the open due to relative weakness in the sector, but a mid-day reversal caused us to get stopped out of most of them with small losses. We also entered several Oil Service sector stocks as long swing plays today after the OSX formed a doji star on the daily and looks poised for a short-term bounce higher. The S&P had a strong rally today, but has now closed right at resistance on the daily chart, so it will be interesting to see if the Spooz can break and stay above the 1220 area
Our most profitable trade today (in terms of percentage gain) was PTEN long. We managed the trade well by buying the pullbacks and selling the rallies. On an intraday basis, we netted an average profit of 0.75, which equates to a 5% gain. We also bought back in on a pullback and took it overnight. Here is a summary of the rest of our intraday trades: WMT short + 0.12, AMZN short (0.20), PSFT long (0.74), DO long (0.61), AMCC short (0.55), HAL long (0.25), BBBY (0.43), HD (0.09). From overnight, we covered SONS for a profit of + 0.95 and also covered the rest of ERTS for a profit of + 0.84 (covered half of it yesterday for + 1.46).
We took the following positions overnight: BBY short and KKD short (both still short from Monday, profit buffer of 1 point on BBY), HAL long, SLB long, PTEN long (1 point profit buffer), ERTS short (re-entry after covering yesterday’s overnight trade)
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
Check out our new full-page Ad campaign in "Active Trader" Magazine at the URL above! |
