Intraday/Swing Plays
- Thread starter Seanote
- Start date
My positions and executions are not recommendations to anyone and are only intended to be viewed as one person's perspective and interpretation of the market.
Earnings Jitters Smite Stocks
Stocks started the day on a positive note, but quickly reversed direction and headed south before closing near the lows of the day on fears that upcoming earnings reports will not justify the stock market's rise over the last six months. Walgreen Co. (WAG)met earnings expectations and Philip Morris (MO) was found liable for a smoker's death.
The Dow Jones Industrial Average fell 146 points (1.4%) to 10,282, the S&P 500 index fell 17 points (1.5%) to 1132, and the Nasdaq Composite was down 39 points (2.1%) to 1812. All ten S&P industry groups fell, led by information technology and industrial shares. Volume was light as 1.1 billion shares traded on the Big Board and 1.4 billion shares changed hands on the Nasdaq.
TODAY'S EXECUTIONS:
12:39:30 COHU BOT 2000 28.23
11:41:25 WCOM BOT 5000 6.59
11:11:35 BBH SLD 1000 123.9
10:06:05 ED BOT 2000 41.41
09:57:13 PALM BOT 5000 4.01
09:47:24 HET SLD 1000 45.38
09:47:35 HET SLD 1000 45.39
OPEN POSITIONS:
Short IBM 1000 106.61
Long MLNM 2000 22.60
Long DNA 2000 51.97
Long COHU 2000 28.23
Long ED 2000 41.41
Long WCOM 5000 6.59
Long PALM 5000 4.01
Long HD 2000 48.62
Long PKS 2000 17.01
Long SBUX 2000 23.63
CLOSED P&L: $1,360 OPEN P&L: $3,010
TOTAL CLOSED P&L: $29,233
Earnings Jitters Smite Stocks
Stocks started the day on a positive note, but quickly reversed direction and headed south before closing near the lows of the day on fears that upcoming earnings reports will not justify the stock market's rise over the last six months. Walgreen Co. (WAG)met earnings expectations and Philip Morris (MO) was found liable for a smoker's death.
The Dow Jones Industrial Average fell 146 points (1.4%) to 10,282, the S&P 500 index fell 17 points (1.5%) to 1132, and the Nasdaq Composite was down 39 points (2.1%) to 1812. All ten S&P industry groups fell, led by information technology and industrial shares. Volume was light as 1.1 billion shares traded on the Big Board and 1.4 billion shares changed hands on the Nasdaq.
TODAY'S EXECUTIONS:
12:39:30 COHU BOT 2000 28.23
11:41:25 WCOM BOT 5000 6.59
11:11:35 BBH SLD 1000 123.9
10:06:05 ED BOT 2000 41.41
09:57:13 PALM BOT 5000 4.01
09:47:24 HET SLD 1000 45.38
09:47:35 HET SLD 1000 45.39
OPEN POSITIONS:
Short IBM 1000 106.61
Long MLNM 2000 22.60
Long DNA 2000 51.97
Long COHU 2000 28.23
Long ED 2000 41.41
Long WCOM 5000 6.59
Long PALM 5000 4.01
Long HD 2000 48.62
Long PKS 2000 17.01
Long SBUX 2000 23.63
CLOSED P&L: $1,360 OPEN P&L: $3,010
TOTAL CLOSED P&L: $29,233
Seanote - I've enjoyed following your daily journal and, like others, hope you continue doing so. However, I did have a question as to what happened to the 2000 share BRCD position you had on 3-22-02. I didn't see it listed in your closing stats or open position stats for 3-25-02. Just curious as to whether you were stopped out, sold it, or are still holding it. I've got a small position in it and was wondering.
Durable Goods Rise, Shell Buys Pennzoil
US equity index futures are pointing to a flat to slightly higher open as Royal Dutch's (RD)Shell Oil Co agreed to purchase Pennzoil-Quaker State Co. (PZL) for $1.8 billion and durable goods orders for February rose 1.5%. US Treasuries are higher and world markets are lower.
Shell Oil Co., a unit of Royal Dutch/Shell Group announced it has agreed to purchase Pennzoil-Quaker State Co for $1.8 billion in cash, in a move that would make it a leader in the auto lubricants market and give it 2100 Jiffy Lube garages. Under the terms of the agreement, Shell will pay $22 for each Pennzoil share, a 42% premium to Monday's closing price, and assume $1.1 billion in debt. Shell commented that it sees some layoffs after the companies are combined, with costs savings of up to $140 million by 2004, and anticipates closing the transaction in the second half of this year.
Today is going to be very interesting considering I'm 90% long. I think we're close to a pivot point reversal. However, if we break support on the indices I might look to start scaling out of my longs and tread water for a few days. We are not in a good trading market currently and sometimes it's best to sit on the sideline and watch. I don't mind going predominantly short, but not in this market.
US equity index futures are pointing to a flat to slightly higher open as Royal Dutch's (RD)Shell Oil Co agreed to purchase Pennzoil-Quaker State Co. (PZL) for $1.8 billion and durable goods orders for February rose 1.5%. US Treasuries are higher and world markets are lower.
Shell Oil Co., a unit of Royal Dutch/Shell Group announced it has agreed to purchase Pennzoil-Quaker State Co for $1.8 billion in cash, in a move that would make it a leader in the auto lubricants market and give it 2100 Jiffy Lube garages. Under the terms of the agreement, Shell will pay $22 for each Pennzoil share, a 42% premium to Monday's closing price, and assume $1.1 billion in debt. Shell commented that it sees some layoffs after the companies are combined, with costs savings of up to $140 million by 2004, and anticipates closing the transaction in the second half of this year.
Today is going to be very interesting considering I'm 90% long. I think we're close to a pivot point reversal. However, if we break support on the indices I might look to start scaling out of my longs and tread water for a few days. We are not in a good trading market currently and sometimes it's best to sit on the sideline and watch. I don't mind going predominantly short, but not in this market.