Monday, March 05, 2007

Today's Trade: QID and VLO

I sold 1000 shares of QID at $57.98 (entry at average price of $55.23) for a $2750 gain (+5.0%). Over the weekend I placed a sell limit order at $57.50. My thinking was if the market opened weak, there would be a bounce later in the day where I could re-enter.

Everything went according to plan, and I bought 1000 shares of QID at $56.50.

As you can see from my QID trades over the past few days, I am selling spikes up and buying dips. In market terms, that means shorting into strength in the Nasdaq and covering on weakness.

I also bought 300 shares of VLO at $55.60. Take note of the small position size. The stock is not as strong as it was, but has entered an area of price support.

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