Intraday/Swing Plays

dgabriel,

I stand corrected as to Seanote's intentions. Still, I think it's easier to follow a series of trades like you and Seanote are posting if they are kept on separate threads.
 
Friday's impressive rally marked a successful test of the low-end of a trading range. Despite a tendency for Monday's to be slow expect the rally to continue. Key resistance is now the top-end of the trading range. As usual, the Nasdaq is a laggard.

Support: DJIA 10,420 - 10,470, S&P 1,150, NASDAQ 1,845.
Resistance: DJIA 10,660, S&P 1,174, NASDAQ 1,945.

Today's plays:

BBH - BiotechHolders Trust
Friday close 125.45
Buy - at current levels
Reasoning: The recent rally back up through previous levels
of distribution offers an opportunity to play a continuing uptrend
which started in early February after a two month sell-off.
Stop: falls below 122.00
Price Objective: 129 to 137

MYL - Buy

HET - Buy

I will send out executions and continued holds for positions I carried into last weeks vacation in a while.
 
I am reporting my closing trades for the SOX calls which I closed out the remaining portion late this morning.

Mon 3/11: Closed 5 .SJXDT @ 53.10
Today: Closed 2 @ 37.00; 1 @39.80; 1 @ 39.10

Total profit for all 9 contracts: $3,860

Looking to go long BBH within the hour barring any gaps.
 
Markets Fading

US equities are mixed mid-day as Qwest Communications announced a debt restructuring and the voting deadline for the Hewlett-Packard / Compaq merger approaches. No major economic reports are scheduled for release today. US Treasuries and European markets are higher.
 
Trades for 3-18-02:

14:31:51 BBH BOT 1000 127.47
10:43:47 .SJXDT SLD 1 39.1
11:12:15 .SJXDT SLD 1 39.8
11:42:57 .SJXDT SLD 2 37.0
3-11-02 12:35:14 .SJXDT SLD 5 53.1
10:16:15 HET BOT 2000 42.92
09:48:59 MER SLD 1000 55.49

Overnights:
DNA BOT 2000 51.97
MER BOT 1000 52.85
MLNM BOT 2000 22.60
IBM SHRT 1000 106.61
.SJXDT BOT 9 42.2
 
Part II:

Current Open Positions:

ADBE BOT 2000 39.65
DNA BOT 2000 51.97
MLNM BOT 2000 22.6
IBM SHRT 1000 106.61
10:16:15 HET BOT 2000 42.92
14:31:51 BBH BOT 1000 127.47

Closed P&L: $6,531.90 Open P&L: $6,245
Total Closed P&L: $14,381


Mixed Monday

Stocks finished mixed in the absence of any economic data and ahead of tomorrow's FOMC meeting. Micron Technology agreed to purchase the memory chip business of Hynix Semiconductor and Treasuries were higher on the long end.

The Dow Jones Industrial Average fell 29 points (0.3%) to 10,578 and the S&P 500 index was down a fraction of a point (0.1%) to 1165, but the Nasdaq Composite gained 9 points (0.5%) to 1877. Oil service, software, and biotech shares paced the gainers while drug and networking stocks stood out among the losers. Volume was light with 1.2 billion shares trading on the Big Board and 1.5 billion shares changing hands on the Nasdaq.
 
Hi Seanote,

I bought a bunch of MLNM at 19.01 at the end of February and unloaded last week at $24.56 for a nice gain.

Was hoping it would pull back to the low 20s so I could re-enter but it doesn't seem like it will anytime soon.

I was just wondering what your target is for that trade.

Another stock, I've had success swing trading is RFMD. Am looking to enter that in the 16s in the coming week. We'll see if it gets there...

Best of luck!
 
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