Thursday, April 7, 2011

More indecision

Markets printed more doji's and spinning tops, signs of indecision. S&P is now staying in the 1330-zone for 7 consecutive sessions. Oil and copper were hot today, but most other industries didn't move much.

Intraday we had the news of a new earthquake in Japan, which caused some panic in the markets. It made most of my stocks go thru their stop-losses. Luckily these were mainly smaller positions, I already scaled out most of my positions.

BGCP long 9.53, stopped out @9.25 (-3.04%)
SCI long 11.56, out 11.705 average (+1.18%)
MERC long 14.525, out 14.81 average (+1.98%)
MPEL long 8.10, out 8.37 average (+3.31%)
N long 29.24, out 29.76 average (+1.79%). Stock finally went over 30, but I was already stopped out on the earthquake-news.
All swingtrades closed now.

Three trades today, two in BEAV and one in NVLS.

BEAV: after a very strong opening, the stock retraced to the 20EMA on the 5m-chart. Just when the stock started edging higher, news from the earthquake came and I got stopped out. Accidentally I shorted the stock, but quickly covered that order (an extra $34 loss, so stupid).
I re-entered when markets seem to stabilize. A nice quick pop that stalled at R3. I took profit too early at 38.40 and then some more just under R3. Stopped out of last part @38.34.

NVLS came down to it's 200MA and I expected a bounce when I saw big down-volume (right before my entry) that could be signalling the end of the move. Price didn't move up a lot and we were almost near the close of day. I sold for a small loss.

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