Wednesday, April 6, 2011

Higher or lower?

The markets just can't figure out which way we'll go next. So sit and wait is the best option. I sold most swing trades today, some a bit late, giving back some gains. But all in all a nice profitable day.
Gold and silver held strong. The Euro gained once more at the expense of the dollar and is now over 1.43.

Swingtrades
Closed trades:
SDS long 20.81, sold 20.52 (-1.46%)
OCZ from last Friday @8, sold last part 8.75, average 8.565 (+7.06%)
BX long 18.30, sold 18.87 average (+3.11%)
TLT long 92.28, out 91.40 (-0.97%)
SLW long 45.17, sold 46.18 average (+2.24%)
LULU long 91.12, sold 93.89 average (+3.04%)
NXPI long 31.37, sold 32.91 average (+4.90%)
NUE long 47.11, sold 47.62 (+1.05%)
TSO long  28.02, out 27.98 (-0.19%)
LEAP long 15.69, sold 15.77 average (+0.52%)
PPG long 96.76, out 96.24 (-0.57%)
HMIN long 42.45, sold 42.77 (+0.71%)
GES short 39.95, covered 38.99 average (+2.41%)
FFIV short 93.36, covered 93.75 (-0.46%)
EBIX short 23.76, covered 22.67 average (+4.60%)
MENT short 14.49, covered 14.45 (+0.21%)

One from Stewie: long JDSU 20.01, stopped out 19.50 (stock clearly rejected by the 20MA on the daily)

Open trades
Still long BGCP and SCI
MERC long 14.525 (bounced on 5EMA daily chart), took some profit near 14.90. Raised SL to 14.55 (from 14.30)
MPEL (Stewie) long 8.10 SL7.70
N long 29.24 SL28.50. Stock bounced nicely on 50MA. First target 30, then hoping for a breakout.

Daytrades
A bought some SPY-calls after it bounced, but I was watching the hourly chart at the moment. Price didn't rally hard and I sold near the close for a small gain.

First daytrade: BRCM. It was a big gap up and the stock went thru 20MA- and 200MA-resistance. In hindsight, my entry looks like crap! The stock bounced just over the 9EMA. It didn't really get a bid and fell thru my (slightly raised) stop-loss.

Second and third trade were in FNSR. The first one was a beauty, the second was a rather late entry, just before the market turned (and so did FNSR) and I got stopped out on that one.
The first trade was after a slight pullback. Price shot towards and right thru 26 and stalled @26.52. I took partials near, the whole number 26, @R3 and @26.40. Last part stopped out but when price bounced on the 20EMA, I got back in with a less beautiful result.

I noticed today that many big moves actually came from stocks that seem to have formed a bottom on the daily chart. Most market leaders and momentum stocks were less impressive. That doesn't sound like it's positive for the market in general.

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