Tuesday, June 20, 2006

Yesterday's action

had a pretty horriffic end, with the -100 Dow for a while. My BHI/RIG trade was scaled down as I sold around 2:15 down to about 50% of my original position size in both. At the gap up open in both of these I scaled down to 10% of my original position size. At this position size it's probably silly to even bother keeping the trade open, but I still think we get a pop in that sector today, so I guess this is the result of my internal battle for risk control versus trading instincts.

NCC is moving against my short position this mroning, but you really expect a stocks to roll over in the afternoon, so how it trades around 1 or 2 pm will be the tell whether to cut bait on it or hold the line.

Probably no action in the portfolio from this point to lunchtime unless a stop gets hit or the market shows signs of a reversal (which seems unlikely).


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