“Fade the gap-up”
Intraday Investments Trading Summary for Monday, July 23, 2001
Once again, as has occurred so frequently lately, the gap-up this morning quickly faded as the sellers took control and sold into strength. Due to our strategy of waiting for the reversal period to take hold before getting aggressive in any trades, we were able to immediately get on the correct side of the market shortly after the open.
We closed the following positions from overnight: PTEN long (small size) + 1.25, ERTS short + 2.09, and BBY short + 1.75 points. Since our overnight/swing trades netted a profit of over 5 points, they yielded a large percentage of our profits today. In addition, we made the following round-trip trades today: QLGC short + 1.43 (net profit from two trades), EXTR short + 0.59, ONIS long + 0.25, S short (0.24), JCP short (0.45), IDTI long (0.25), EMLX short (1.86)(two trades).
We initiated an overnight position in PGR short and are still short the TARO Aug. 90 calls, short KKD, and short STJ.
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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