Trading Journal - June

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TODAYS EXECUTIONS:

15:51:26 MO BOT 3000 46.56
13:26:59 KLAC SLD 3000 45.10
13:00:04 KLAC BOT 3000 45.25
12:52:55 MCD BOT 3000 29.01
12:49:28 MO SHRT 3000 46.68
10:06:17 BBY BOT 5000 37.00
09:53:46 AMZN SLD 3500 16.45
09:45:44 AMZN BOT 3500 16.22
09:36:34 BBY SHRT 5000 36.66
09:30:27 CYTC SLD 3000 8.84
09:18:26 CYTC BOT 3000 9.00

OPEN POSITIONS:

LONG MCD 3000 29.01 -0.04

CLOSED P&L: ($1,465) OPEN P&L: ($120.00)
MTD: $44,833 YTD: $248,107
 
Originally posted by asad147a
MSFT possible range for this week

49.56 - 54.48

Strategy

Buy July 50 Puts if price rises above 54.48
Buy July 60 calls if price falls below 52.56 and if there is sign of rising. Sell Calls to close when price approaches 54.48

That is my strategy for the week.

Tuesday result so far so good.

Bought Puts at 1.30 and still holding.
More...

I have been watching some of your posts with great interest.

I am curious about your choice of the 50 put strike price. How did you make this selection? Looking at the implied volatility, deltas, breakeven, etc., I would have gone with the 55 or maybe even 60. Please give me as much detail about your selection process as you can. :)

Thanks & Good Luck!!
 
Long 10,000 JDSU @ 2.58 (swing/long term)

* I plan on accumulating 10 - 20K more over the next few days depending on the market direction and JDSU's charts.
 
Seanote,

I know we kicked this around a little a few days ago, but could you go into your reasoning for making a long term play with this name at this time? If you are making a market call, why not something like say DELL where there is no chapter 11 risk? Or our old friend QLGC, with its big beta. Surely you are not expecting a sudden rise in demand for optical components?
 
Originally posted by AAAintheBeltway
Seanote,

I know we kicked this around a little a few days ago, but could you go into your reasoning for making a long term play with this name at this time? If you are making a market call, why not something like say DELL where there is no chapter 11 risk? Or our old friend QLGC, with its big beta. Surely you are not expecting a sudden rise in demand for optical components?
More...

I think there's .40 - .50 to be made on this play in a relatively short time. I plan on accumulating down to 2.45 area. I will have a much tighter stop on this stock in comparison to my PALM play last month. As far as fundamentals go, I don't know much more than you guys, but I do think it's well worth a "speculative" long term hold. It's would be impossible for me to take that type of position as I trader with the share size I will have if I'm up .40 so I plan on swing trading these shares but I'm giving myself a longer hold time than my usual plays.
 
[ Or our old friend QLGC, with its big beta.

I also like QLGC long with a tight stop about 35.50 area depending on how agressive you want to be.
 
Yesterday's selloff left today's market vulnerable and now the WorldCom news is about to slam the market (imagine that!) Just another reason to watch the charts as closely (if not more closely) as the fundamentals.

This Morning: A decline of 200 - 300 Dow points is likely. As it did yesterday, the market will ignore better-than-expected economic news. The bulk of the damage is likely in the first hour of trading.

This Afternoon: Chairman Greenspan understands the importance of investor confidence so expect comforting words from the Fed to spark a rally in the afternoon. How far that rally goes will depend on how investors react to Mr. G. The dollar will also play a roll in investor confidence. Not because it has a major impact on our markets, but because the media has been focusing on it so much.

Tomorrow: The Fed has a two day meeting, so they have another opportunity to say reassuring things tomorrow as well. A combination of a dollar rally this afternoon and more soothing words from the Fed tomorrow could result in a nice rally, but that seems premature for the recovery attempt we foresee for this afternoon.
FOMC Meeting: Expect a pep talk, not a rate cut (the economy is doing ok).

Support: Dow 8,720, S&P 945, Nasdaq 1,387
Resistance: Yesterday's close - Dow 9,126, S&P 976, Nasdaq 1,423
 
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