“More market weakness, more profits”
Intraday Investments Trading Summary for Tuesday, July 24, 2001
After the Nasdaq attempted to rally early in the morning session, the sellers once again took control of the situation by selling into strength, which subsequently caused both the S&P and the Nasdaq to break support of the short-term trading ranges we have been seeing over the past few weeks. We were ready and waiting with our Stalk Sheet plays, as well as other trades we selectively entered intraday.
Here is a summary of our round-trip, intraday trades: MYGN short + 1.56, NVDA long + 0.57 (small size), QCOM short + 0.41, S short + 0.89 (took half of position overnight), FNM short + 0.67, FLEX long (scratch), RFMD long + 0.24, GTW long (0.19), LRCX long (0.30), NVLS long (0.60), ERTS long (0.95). In addition, we covered our STJ short swing play for + 0.83 and half of JCP short for + 0.80 (took the rest of position overnight again). Overall, we had a solid day with a net profit of about 3.80 points (approximately 2.2 points from intraday plays).
We took the following stocks overnight: CIEN long (half point profit buffer), S short (covered half intraday and took rest overnight with almost a one point profit buffer), and CTXS short. We are also still in the following swing trades: half-position of JCP short (nearly a one point profit buffer), PGR short, KKD short (nearly a two point profit buffer), and TARO Aug. 90 calls short.
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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