Tuesday, August 28, 2007

Today's Trades: GRMN, LEH and QID

I know I will receive alot of questions asking why I didn't stick with my short positions longer. While I do feel like the market has more room to the downside, I don't trust pre-holiday trading for sustained moves. Therefore, I feel it's best to take my profits with shorter term trades and look for the next opportunity.

I covered 500 LEH (short at $58.85) when it hit my target at $55 for a $1925 gain (7.1%).

I covered 100 GRMN (short at 102.65) at $97.80 for a $485 gain (+4.8%).

I sold 500 SDS, which is a leveraged short S&P 500 ETF (entry at $54.75), at $56.79 for a $1020 gain (+3.8%).

I am still holding GMCR, LFC and SDS.

I am currently in the midst of one of my best trading runs. Since August 6th, I have made 16 winning trades with only one loser, with $20,861 in total profits. Note that two of the three positions that I am still holding would count as losses if I exited today. I will continue to hold until my stops are hit.

This certainly was not a bad month for an account under $100,000 (I use margin when needed). However, this weekend I will analyze all of my trades, and watchlists, to see what I could have done better. I am still a little ticked about missing the BCSI and CROX moves, two stocks at the top of my primary watchlist.

4 comments:

Caleb said...

Good work! I have been watching your blog and amazed at the timing of your trades. I thought you were insane shorting Garmin, but your logic worked out! Congrats and keep up the great blog!

cd said...

Congratulations!

Would you mind sharing with us what tools (esignal etc) & what brokerage do you use ?

A regular reader of your blog

Anonymous said...

Nice gain! Like I already told you...you should quit your job! ;)

Pier

carmichael said...

Very nice man! I'm starting to enjoy your blog more than technically speaking,alpha trends, wall st.warrior, and kirk report! lol :)