“Nimble. . ..the word of the day!”
Intraday Investments Trading Summary for Wednesday, July 25, 2001
Nimble was certainly the word of the day as the markets went from rally mode to selloff mode in the morning, only to recover and close near the highs of the session. We did a pretty good job at making profitable trades and, more importantly, keeping our trader-members out of trouble during the uncertain intraday reversals. Although we were a bit conservative today, we anticipate follow-through upside momentum tomorrow morning based on the way the markets closed. If there is a steady trend tomorrow, we will look to be more aggressive upon confirmation of the trend.
Here is a summary of our round-trip intraday trades: VRTS long + 1.07 (kept half position overnight), SUNW long + 0.45 (kept half position overnight), VRSN long + 0.89, CS short + 0.71, CHKP long + 0.46, BRCD short (scratch), BRW short (0.07), and JNPR short (0.37). Our intraday trades netted a profit of approximately 3 points today. We also closed the following positions from overnight: JCP short + 1.23 (from second half of position; avg. profit from entire trade was + 1.01), S short + 0.95 (from second half of position; avg. profit from entire trade was + 0.92), CTXS short (1.55), PGR short (small size) (2.84), and CIEN long (0.73)(no follow-through on this one). Overall, we took a bit of a loss on closing some of our overnight positions, primarily due to PGR. However, since we follow the rules of adjusting position size based on volatility, the loss on PGR was not that significant.
We took the following positions overnight: VRTS long (small position remaining from intraday trade; profit buffer of one point), SUNW long (remaining half of intraday trade; profit buffer of half point), VRSN long (re-entry for overnight), and JWN Aug. 20 calls short. We are also still in the following swing trades: KKD short (now approximately 3 points in the money) and TARO Aug. 90 calls short.
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! |
