Thursday, August 30, 2007

Trades and Watchlist

Trades (posted in comments this morning):

I sold 500 FLR at $123.89 (entry at $120.20) for a $1845 gain (+3.4%).

I bought 400 TOL at $21.11.

I am short 400 shares NUE at $52.56.

I bought 400 shares of SDS (2X short S&P 500) at $55.80.

I will detail the trades tonight.

Here is today's primary watchlist:

Long: NHWK, UA, CROX, CEDC, OMTR, OII, MENT, BIG, SBUX

Short: VSEC, CHE, CTV, RS, SGR, SKF , SRS, LEH, BA

Update: Note that ETFs that short the index (such as SKF, SRS, QID and SDS) are placed in the short list, although they must be bought, not sold.

9 comments:

Anonymous said...

looks like you are feeling the market will go down again. Not too sure why you bought SDS, SDS looks like it's forming a head and shoulders top.

TraderMark said...

NHKS? can't find it..

I'm building positions in TWM, SRS, SKF
only drawback would be a surprise fed cut but even then I think it's cosmetic healing by Fed and won't fix the underlying problems in the financial areas.

TraderMark said...

Some heads up on your strategy - a bit confused

You are long the SDS (short the SP500 x2) but then shorting the SKF, SRS

Does this mean you think the broader market will decline but financials and real estate are not going to fall with the broader market?

TraderMark said...

If you like FLR, look at MDR/FWLT in same sector

Both charts should prove nice on the long side as well - barring a severe pullback these stocks look in great shape. That said, I anticipate some pullback in the market

The Market Speculator said...

anaonymous: a head and shoulders isn't valid until the support line is pierced. As long as it's above the major moving averages, I'll continue the short play (long SDS).

Tradermark: thanks for pointing out the typo. It's NHWK

I'm not shorting SKF and SRS. I include them in the short list since they are short the index. Sorry for the confusion.

FWLT is on my radar.

Anonymous said...

ok thanks for the explanation on h+s formation. i was thinking that a "near-formed" formation is dangerous enough to keep away from investing in this stock.

TraderMark said...

got it on SKF, SRS - was curious because I have been trading those pretty actively this past month

NHWK - nice chart
50 day crossing over 200 day and MACD crossing (I am a basic technician) :)
but even I see that

Do you have software that notifies you when stocks exhibit this behavior or its just a stock on your watch list that you've been waiting for such a move

The Market Speculator said...

anonymous: Some traders do stay away from chart patterns they see forming. Everybody is different. I focus more on support and resistance lines, rather than the pattern that leads to the lie (although I do pay attention to patterns).

tradermark: I don't scan crosses. I do watch for crosses in the stocks on my watchlists. My entire system is based off of my watchlists.

If you are looking to scan crosses, it's easy to do on telechart. stockcharts also has a scan.

Leon said...

ups. CORRECTION "with short @40" read as "with stop @40"