Tuesday, August 23, 2005

Taking a plunge - the water looks fine ?!?

Recap - I am 0/2 in PSUN. Tried again today but got stopped out for a small loss ($50?). The market is just too negative for trend trades to work. I don't often short equities but I may later this week. Most of the movement is overnight. I entered into two overnight swing trades again today. It has been at least a week and a half since I held anything in my trading portfolio overnight.

NFLX is the first - it appears to be making a bull flag over the past few days. It's activity today also agrees with my trading rules. This stock has the potential to gap up slightly tomorrow. A sound business and trading at lows for several weeks right now. My shares were the last executed in today's regular trading session, which my trading rules would define as a slam dunk entry. Plan is to sell 50% at open and hold remainder intraday if the market is showing strength or oil opens down. Otherwise, sell 100% within 15 minutes of open.

STLD. A technical trade only. I typically don't hold commodity stocks overnight, but I am feeling good about this one (translation: I just hexed myself). Definitely a quick exit at the open.

Some rejects included JOSB (why? I picture a snappy looking dress suit being doused in gasoline and set on fire) and GKIS (I will leave Colonel Sanders alone tonight, thanks very much).

Good luck tomorrow AM - I will try to post at the open.


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