“Chop, Chop, Chop”
Intraday Investments Trading Summary for Thursday, August 09, 2001
After Wednesday’s selloff, there was not much action in the markets today as both the S&P and Nasdaq chopped around in a trading range for the entire session. This type of price action is quite typical of what we have been seeing lately and is due in part to light summer volume. In order to profit in these types of trading conditions, traders need to take profits quickly and not be greedy on either side of the markets. By doing so, we have been able to consistently profit nearly every day.
Here is a summary of our round-trip intraday trades: OIH long + 0.98 (net profit from two round-trips with half size on second entry), GILD short + 0.66 (net profit from two round-trips with half size on the first entry), GE long + 0.57 (net profit from two round-trips with half size on the second entry), CAM long + 0.48, CHKP short + 0.24, VTSS long + 0.23, BRCD short (scratch), MOT short (scratch), and SYMC short (1.52). We also closed the following swing/overnight trades today: VRSN short + 1.43, EBAY short + 0.52, and NVDA short + 1.75. Although we were profitable with our intraday trades, the majority of our profits came from the overnight positions we closed today, which netted nearly four points.
We took the following new trades overnight: GE long and EBAY short (re-entry after covering previous overnight position). 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. Much like yesterday, we prefer to be mostly in cash overnight until we get more conviction in the short-term direction of the markets.
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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