“Shut her down, Leon! She’s pumping oil!”
Intraday Investments Trading Summary for Thursday, July 19, 2001
The Oil Service stocks that we initiated swing trades in a few days ago showed signs of life today and had good relative strength during the mid-day selloff of the futures. Based on the relative strength the OSX sector showed today, we expect continued upside momentum during the next several days. Although we had a rather profitable day with our intraday trades, the oil service swing trades are poised to yield even larger profits for us.
Our most profitable trades today were the oil service stocks that we came in long with, which consisted of HAL, TDW, and SLB. In addition, we also went long the Oil Service Holder stock (OIH). Since we are swing trading these oil service stocks, we have not yet taken any profits, so our gains are still unrealized. Here is a summary of where we are with them since our initial entries: SLB + 1.63, HAL + 0.76, TDW + 0.89, OIH + + 0.82. In total, we have an unrealized gain of approximately 4 points on the basket of oil service stocks and will look to run a trailing stop on these stocks as we get deeper in the money. In addition to the Oil Service stocks, we made the following round-trip trades intraday: NVDA short + 1.35, PSFT short + 0.79, BRCM short + 0.70, PDLI short + 0.49, DOW long + 0.40, QLGC short + 0.32, VTSS long + 0.04, MCHP short (0.15), PTEN long (0.45), EMLX short (half lot) (0.44). Due to the morning gap-up, we got stopped out of several of our overnight short positions: AMCC short (1.58), ERTS short (half lot) (0.85), BBY short (half lot) (0.90).
Our overnight trades consist of the following: HAL, SLB, TDW, and OIH (all long), KKD short, TARO Aug. 90 calls short.
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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