“The Feds could not save the day”
Intraday Investments Trading Summary for Tuesday, August 21, 2001
We only made two trades prior to the FOMC meeting today, so the morning was rather uneventful. However, after the quarter-point rate cut was announced and the sell-off began, we initiated profitable short trades in NVDA and SPY. Although it was not an “official” trade made in the room, some of our trader-members also re-shorted EBAY after the Fed announcement, which netted them several points of profit.
Here is a summary of our round-trip intraday trades: NVDA short + 2.09, SPY short + 0.75, QQQ short (scratch), KO short (0.46), JBL long (0.50) (net loss from two round-trips), and EBAY short (0.60). We did not close any overnight/swing trades today. Overall, our net profit today was 1.28 points, which we were able to do with minimized risk by being conservative in the markets.
We also re-entered EBAY and THQI for overnight shorts and still have positions in the following overnight/swing trades: AOC short.
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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