Mike's Swing Trading Journal

Sitting in full cash now... not the best day for me.. but still managed to make around $500 on my short plays.

I am still trading very light.. because of whacky market. Market can not make up its mind .. and the path of least resistance is clearly down.



--MIKE
 
Long another 300 AW @ 7.84.. brings my total to 800 shares.

Stock is breaking out on good earnings report.. slicing through the 50ma on strong volume.
 
I like the JOE short a lot. I get the feeling best be on the short side now of most trades. I had been sitting on my hands most of the month because I’m not much of a short side trader. I like to go in and out of positions a lot so long trading is more suitable for that. I joined you on this one for the simple fact that the daily chart looks to pretty not to enter.
 
Quote from brokerboy:

I like the JOE short a lot. I get the feeling best be on the short side now of most trades. I had been sitting on my hands most of the month because I’m not much of a short side trader. I like to go in and out of positions a lot so long trading is more suitable for that. I joined you on this one for the simple fact that the daily chart looks to pretty not to enter.
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Why did u mention X as a long before?

A good target for JOE is around 66
 
It was a bad idea. It looked to have a bottom at 44.50 last few times it got there. It cost me 2 hours of my day to earn that mistake back.
 
Quote from brokerboy:

It was a bad idea. It looked to have a bottom at 44.50 last few times it got there. It cost me 2 hours of my day to earn that mistake back.
More...

I mean the stock can still go up to the 50's... if you wait out the correction and are an intermediate term swing trader... but i am short term and it didnt fit my type of setup at all.
 
No I got out of it and earned the money back on X. The JOE 4/18 day’s highs would not be bad. There is a seller who keeps coming in at the 70 area. The risk/reward looks nice. I plan to give it a few days if it can stay under 70. I also plan to work on my short game now without loading up on a few 1000 shares at a time for a quick buck. I feel that will be a more profitable game in a bear market.
 
Depending on how the market acts in the morning.. I will buy another 200 CREE above yesterdays high of $24.

CREE had really good earnings and bucked much of the selloff the past few weeks.. I think this is a stock that is being held down by the broader market. In the next few days/weeks if the nasdaq stays firm cree should test the $26 level.


--MIKE
 
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