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.


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...


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! ;)


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 :)