Wednesday, November 22, 2006

Today's Trade: BOOM and JOYG

I sold half of my 400 share position in JOYG at $45 (entry at $42.73) for a $454 gain (6.3%). I still own 200 shares.

I went short 400 shares of BOOM at $30.32. As I've mentioned in the past, BOOM's supporting an ugly chart that makes for a nice short setup. The stock is below a 50 day moving average that is trending down further and further away from the 200 day MA. The stock has shown no sign of being able to close the gap it printed after its recent high volume downward spike, even in what has been a robust market. While a breakdown at $29 would be an ideal entry point, I think it's safe to play this one early, with a loose stop just above the pre-gap level, around $32.25.


Anonymous said...

6.3 percent on two days (on JOYG)? Congratulations on your success!

The Market Speculator said...

Thanks! It's always nice to make a few extra bucks while on vacation :)