“All over the board”
Intraday Investments Trading Summary for Wednesday, September 05, 2001
It sure was an interesting day today. Both the S&P and Nasdaq spent the first half of the day in a tight trading range, with a slight bias to the downside. Just after 1 p.m. EDT, the Dow and S&P lost support and sold off hard to set new lows on the day. However, after that sharp downward movement, the S&P rallied all the way to new highs of the day! Traders definitely had to be nimble in order to be profitable today, and we succeeded at doing so.
Here is a summary of our round-trip intraday trades: CEPH short + 1.15 (two round-trips), QQQ short + 1.15, THQI short + 0.87, EBAY short + 0.38 (two round-trips), IDPH short + 0.35, DIA short (scratch) (sum of two round-trips), HGSI short (scratch), MCD short (scratch), and NVDA short (1.08) (four round-trips). We also closed the following positions from overnight: CEPH short + 1.73 points, TARO short + 3.60 (the remaining one third of original position), and ODP short + 0.14. Overall, we realized a profit of 2.82 points from our intraday trades today and 5.47 points from the overnight trades we closed (although two-thirds of the TARO profits were already realized).
We did not take any new trades overnight because we wanted to be fully in cash and ready to take advantage of the next movement in the markets. The only position we are carrying right now is the ERTS short from $1.40 credit (bearish option credit spread; sold Sept. 60 calls and bought Sept. 65 calls). As of the close today, we are showing an unrealized gain of approximately 0.70 on the ERTS spread.
By the way, some of you told me you were not able to view the link I included in yesterday’s trading summary for the Atlantic City chickens. So, here it is again. . .
sun-sentinel.com
Trade Well!
Deron, Steve, and Ed
General Partners
intradayinvestments.com
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