“Thank you Merrill!”
Intraday Investments Trading Summary for Wednesday, August 1, 2001
Thanks to a timely upgrade by Merrill in the Semiconductor sector, the Nasdaq reversed the downtrend it started going into yesterday afternoon and gapped up on today’s open. As such, our overnight short positions caused us a bit of pain today. This is exactly why we usually take profits on at least half the position size before taking a position overnight. By doing so, we are minimizing the risk of the trade and also locking in some profits. Even if the stock gaps against us the next morning, we can usually keep ourselves out of trouble since we typically have sold half the positions into strength the previous day. Nevertheless, we felt some pain today.
Here is a summary of our round-trip intraday trades: ITWO long + 0.31, NVDA short + 0.26, ADI short (0.75), BRCD short (0.75), and QQQ short (0.60). We closed the following overnight/swing trades today: MXIM short (2.20) (gapped against us on the open), and VRSN short (scratch).
We took the following new positions overnight: ITWO long (re-entry after intraday trading), MCHP short, PSFT short, ADI short, and BRCD short. In addition, we are still in the following overnight/swing positions: LLTC short, LRCX short, IDTI short, VRTS short, TARO Aug. 45 calls short, JWN Aug. 20 calls short, and KKD short (half position).
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! |
