Sunday, July 31, 2005

All business today - Recap and Plan!

Saturday and not sleeping right now, but soon I will be. The end of the month is all about review of the previous month and planning out a new month.

Month recap for July:

+5.4%. I was over 6% but a bad earnings week set me back a little. This includes long holdings as well as short.

Ebay went from a negative to a resounding positive. I exited the majority of the position on the upside news, and spread exit points. 1/4 in the after hours of the announcement, 1/4 at the open the next day, and 1/4 at about 2:30. As it worked out the 2:30 exit was most profitable, but I am really happy with the discipline in my exit. The remaining long position I will hold, since this is the house's money.

Had a good entry point on INTC and YHOO following downgrades. Profiting from this will be my job next week.

Bought GKIS as my stock of the week. That night Cramer announced it as his "Stock of the Week". Sold at the open the next day for a healthy profit - thank you Jim!

LSI turned out to be a failed trade. I panicked in the exit and sold 100%. I stand firmly behind selling at the open, but should have went 50% - 50% between open and next day or held a portion long. This would have preserved capital.

SYNA - a disaster that turned a phenomenal month into only a great month. My technical problem cost me my 50% pre earnings exit which would have saved 5 points. I could monday morning QB this one, but nothing would have prevented me from making the mistake of holding at least half into the announcement. Some lessons you have to learn the hard way. The worst part is I researched the reaction to their last conference call (stock also got slammed) and knew I should be selling.

Plan for next month:

At least 3% for the month. 6% or more deserves a special celebration!

At least 25% in cash during each intraday session.

Preservation of capital will be important, since this is August and could be a doldrums month.

Safety will be a concern surrounding the Fed meeting the 2nd week. 50% cash or more for that day.

No more earnings fiascos.

At least 1 crude oil swing trade. I see some money lying on the floor over in the corner. I think I'll walk over and pick it up.

Possibly 1 oil earnings play if there is still one left - this is my homework tomorrow.

Set up and enter at least 1 XMAS season play late in the month. The idea is already brewing.

Blogged weekly goals on Sunday, and recap on Saturday.

Bedtime for bonzo!


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