“Technology Trouble”
Intraday Investments Trading Summary for Wednesday, July 18, 2001
After Intel and several other prominent technology players reported earnings yesterday, the markets sold off pretty hard in the morning session before rallying to retrace most of those losses into the close. We capitalized on the technology fallout by shorting some of the sympathy plays of both INTC and VRTS.
Before we summarize today’s trades, I need to mention that due to some exciting functionality upgrades that are currently being programmed into the software for our Online Trading Center’s position minder, we were not able to keep 100% accurate records of the trades our trader-members made today. As such, we will list today’s trades as accurately as possible, but the actual profit or loss may vary by a few cents.
Here is a list of our intraday trades: QLGC short +2.30 points (net profit from four round-trip trades), PSFT short + 1.12, PXLW short + 0.84, AMCC short + 1.10 (net profit from two round-trips), PDLI long + 0.40, ELNK short + 0.38, INHL short + 0.34, PTEN long (0.43), and WMT short (0.60). We also sold our PTEN long from overnight for a + 0.38 profit. In total, we netted about 5.8 points today between our intraday trades and the PTEN long we closed. We were pleased with the results considering the trading range action the market was in for most of the day.
We initiated the following new overnight/swing trades today: short QTTHR (TARO Aug. 90 call), short AMCC, and TDW long. In addition, we are still long HAL (added to position today) and long SLB (Oil service finally showing signs of life!), short BBY, short KKD, and short ERTS.
Lots of companies still reporting earnings this week, so could be interesting.
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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