Two "R's" are spoiling the fun in the market today. Regional Banks and Retail. The market is either "hanging in there," or the short term upswing is getting close to being tapped out and the market is throwing a "Hanging Man" candlestick pattern. We probably won't know until Monday at the earliest.
For now, I am culling and mulling as we go into the weekend. I sold the last of the FWLT calls and locked down a 47% profit. I also culled out NYX for a 10 cent loss, so basically a breakeven trade. I am only holding half position on one Financial stock, I really don't like that sector any more than I did earlier in the week. I only have one smaller position in a Retail stock, and I'm not sure I like that sector much more than I did earlier in the week either. I have several Tech and Tech related positions, and two Energy positions. I did nibble in on VMW today, although the spreads are a little wide on the position that I took (30 cent spread). I also nibbled a little on NOV, and nibbled a little bigger on XTO.
I didn't get RIG, DO, LUK, or some of the others that I mentioned yesterday because they gapped away this morning, and I would have been a seller, not a buyer. I really should have caught those before the close yesterday. That's how it goes when I can't watch the market all the time because of my job.....As it is, I am only holding a couple positions going into the weekend, and I still may sell one or two more before the close.
1:15 pm MT: I sold the NOV calls for a quick 5% gain intra-day. I am still holding XTO because it looks good. I also nibbled in on PCP, which is in a Bull Flag. I made a small gainer on it earlier in the week, and I just picked up the same option a dollar cheaper, so I'm in good shape.
1:50 pm MT: Here are some stocks that I may pick up calls on before the close: UPL, BG, XTO, STLD, WMB, and BHI. I may not do all of them, but I will do a couple.
1:55 pm MT: I picked up half-sized positions on all 6 stocks (I picked up the XTO earlier in the day).
Subscribe to:
Post Comments (Atom)
Dwight,
ReplyDeletePicked up some ESV before close on break out, comments? Sold some NOV into gap this AM(I'm learning)
Gary
Gary: you're in good shape with ESV. If you get another run on Monday, sell half and lock it in. I'm playing some of the Energies I got today for a quick move.
ReplyDeleteDwight and comapny,
ReplyDeleteFYI
I was glad someone asked you about DE tonight. A friend of mine just gave his retirement money to an "Advisor" who bought DE (bullish) yesterday and got stopped out around 82. My 5 year old wouldn't have bought that yesterday. I'm not a pro, but I can recognize a bad trade from time to time. I just wanted to encourage the group as to how far we have come!
Good trading everyone!!
Gary