Based on this analysis, I decided to enter LFC early on today's breakout. The stock. along with a few other Chinese stocks, was on my primary watchlist last week at a breakout-pullback play. Normally, I would wait for a pullback into the $65-66 range, but did not hesitate this morning to buy on the opening gap.
I bought 600 shares of LFC at $70.68 and sold half of my position at $74.80 for a $1236 gain (+5.8%). I am still holding 300 shares.
I also bought 500 shares of SDS (leveraged short S&P 500) at $54.75.
4 comments:
I was thinking about QID and SDS this morning but I can never make the move. What do you use as indicators and how late in the day do you enter these leveraged ultra shorts? I've used them once or twice and just got lucky in a bad week.
SDS? - You are brave...Never short a dull market...Good luck though.
I agree with you, I deferred my interest to shorting GRMN but I wimped out when I had a chance at 104 and finally got in at 102. I feel rather lame about my delay. I still count on shorting INTC if it hits 25. Anyone seeing a double peak with GRMN? 100 day chart.
Anonymous: I'm not much for popular axioms. I prefer to go with what my analysis tells me.
Carmichael: I'm glad I stuck with the trade and adhered to my stop on the GRMN trade. The double top looks to be forming, but is not valid until we see a break.
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