“The Bears Won”
Intraday Investments Trading Summary for Wednesday, August 8, 2001
Based on the tight range that the markets have been in for the past several days (up through August 7), we were anticipating a significant move out of the range within the next several days. Although we were not certain whether there would be a breakout or a breakdown, we were pretty confident that there would be a big movement one direction or the other. That is why we lightened up on our overnight positions coming into today’s session. Today, we finally got some price action in the markets as both the S&P and Nasdaq broke support. The bears won the tug of war and we were ready and waiting on the short side. As such, we had a solid, profitable day today.
Here is a summary of our round-trip intraday trades: QQQ short +1.23, SEPR short + 1.12, NVDA short + 0.85, MXIM short + 0.90 (half position size), PDLI long + 0.77, ONIS long + 0.27 (half position size), JNJ long + 0.14, QLGC short + 0.10, PMTC long (0.16), BRCD short (0.36), GE long (0.29), EBAY short (0.24) (net loss from two round-trips with half size on second entry), INHL long (0.58), and VRSN short (1.36). We also closed the following swing/overnight trades today: NVDA short + 1.41 (half remaining position), MXIM short (0.67) and GX long + 0.67 (12% gain on rest of position).
We took the following new trades overnight (all half position size): VRSN short, EBAY short, and NVDA short. We still have positions in the following overnight/swing trades: NVDA Aug. 90 calls short, KKD short (half position), and JWN Aug. 20 calls short.
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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