Thursday, March 08, 2007

Today's Trades: VLO and QID

I covered my 400 share position in VLO at $60.21 (entry at $59.06) for a $460 loss (-1.9%).

I bought 500 shares of QID at $55.23. I now have a 1000 share position in QID. Today's gap up has the look and feel of a "fade the gap" short squeeze type of rally. I doubt we will see a meaninful bounce. On the chance that there will be more strength in the coming days, I am setting a loose stop just under the 50 day MA, around $53. The next thrust down could come any day now, and I'd like to be in position when it happens.

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