Monday, September 10, 2007

Charting National Oil Varco (NOV) and Today's Trades

Today I bought 400 shares of NOV at an average price of $127.23. As I noted in Sunday night's post of last week's top stocks, oil stocks are making a move. Therefore, I was looking to enter NOV on weakness.

As we can see in the chart, the stock broke out of a "W" formation at $125. A pullback in this vicinity makes for a good entry point, which is why I entered today on weakness. I know some of you may think I should have waited for a deeper pullback, but I like to get into a good trade before missing the move (as long as I have a good reward to risk ratio).



My other trades today:

I bought 300 shares of SRS (ultra short real estate) at $103.10. This is my "short real estate" trade. The 50 day moving average is at $99.12, which is a good area to place my stop.

I bought 200 shares of NEM at $$43.75. This one is my gold trade. In all honesty, I wish I had entered a different gold stock. This one's not all that volatile. I may exit tomorrow even if my stop or target is not hit, and enter a better acting gold play.

I was stopped out of 400 shares of TOL at $19.95 (entry at $21.11) for a $464 loss (-5.8%).

I sold 200 shares of QLD at $96.50 (entry at $95.29) for a $242 gain (+1.2%).

I am looking for good exits for my index plays, and found one for QLD. If I can get a point or two on my SSO and DDS positions, I'll do the same for them.

9 comments:

carmichael said...

Man I hope the news on the attack on the mexican oil pipeline doesn't phase your oil position.

Anonymous said...

I think you did well by taking the profit on QLD yesterday.

You mentioned in your "non-technical trade" post you had also bought SSO and DDM, with tight stops.

If you have a chance, I would appreciate if you could let us know where you put the stops for these trades.

TraderMark said...

Nice call on that NOV
How are you determing your exit point? just taking it by ear/eye or a set % gain or how will you determine when to cut and run?

TraderMark said...

Remain patient on the SRS and SKF
thing we are going to see some fireworks in these names going forward.

Anonymous said...

I am learning a lot from your trades. I start to make table of all yours trades since you start this blog to study them on charts. Since you probably have such table is there a chance that you post it on the blog? Nothing special, just the usual information about your trades witch you put on the blog. That would be great but if can't do it I will write them myself.

Thank in advance

The Market Speculator said...

Carmichael: I don't pay attention to the news all that closely, but NOV is doing fine today. Thanks for the info.

Anonymous: I exited SSO and DDM. I was really nervous today (Bernanke), so I got out with small gains.

Tradermark: My target was initially the old high at $135, but the stock moved so fast off the bounce that I sold my position at $133. I will likely enter again on a pullback or 135 breakout.

Anonymous: I hope to have all my trades posted in chart format in the coming month.

Anonymous said...

Keep an eye on Western Digital Corp (WDC). Just got upgrades today and is looking to break out to new highs.

Anonymous said...

Still notice that emotions impact your trading (got out of SSO and DDM because you were nervous), it takes a big man to admit it.

I hope that my speaking out against these trades didn't contribute to your decision to ditch them.

You got out of these trades with gains and that's all that counts in the end.


The Critic

The Market Speculator said...

Critic: I said from the beginning this was an extremely short term trade. I don't like to make bets going into earnings and fed meeting/comments. As I said yesterday, I would look for a good exit, and I found one.

You had no influence on my trading, and your comments are welcome.

Anonymous: WDC made my watchlist today. It was on my "trend breakout" scan. I'll wait for a pullback.