Trading Journal - May

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Seanote

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05-01-02 08:57 AM

Opening Comments & Plays

IMO- This decline has yet to reach deep oversold conditions so I'm treating yesterday's rally with suspicion. The big indices tested short term resistance but backed off towards the afternoon. Yesterday was the dead cat bounce that I mentioned so I'm still looking predominantly short. Other than PALM, I have tight stops on my long positions.

HD - Short
CREE - Short


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Seanote
Senior Member

Registered: Mar 2002
Posts: 377


05-01-02 09:09 AM
Trade
Sold 2 .SJXQL @ 51.00

+ 34.00 points


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Seanote
Senior Member

Registered: Mar 2002
Posts: 377


05-01-02 09:26 AM
Trade
Sold 5 .SJXEH @ 11.50

- 7.30 points

Flat on SOX CALLS

Still long 5 puts

I will update all trades and comments for May only on this thread from now on and start my MTD P&L at zero beginning today. I will also post my up-to-date P&L each day.
 
TODAYS EXECUTIONS:

15:37:28 CREE SHRT 2000 12.34
15:34:30 YHOO SLD 2000 15.73
10:15:14 .SJXEH SLD 3 11.50
10:08:28 .SJXEH SLD 2 11.80
10:05:09 .SJXQL SLD 2 51.00

OPEN POSITIONS:

LONG .SJXQL 5 17.00 +24.00
SHORT AMGN 2000 51.39 -0.15
SHORT CREE 2000 12.34 -0.16
LONG PALM 10000 3.63 -0.56
LONG DIS 2000 24.86 -0.69
SHORT VZ 2000 40.23 -1.35

CLOSED P&L: $5,970 OPEN P&L: $1,700
MTD P&L: $5,970 YTD P&L: $165,302
 
I won't have time today to write up a commentary, but here is a stock I'm watching.

IMO-

SUNW - Short
CEO & COO resigned..... I wouldn't be surprised if accounting irregularities arise, then Moodys cuts credit rating.....and you know the rest. (ENE, KM, WCOM...)
 
Did anyone short CREE yesterday or today? IMO - This stock appears to be trending downward for at least a point from the close.
 
The SOX is testing the 500 level again....if it breaks look for more significant downside. I'm still long 5 May 560 puts @ 17.00

This sector looks weaker by the day. We had the dead cat bounce yesterday and I anticipate a break through short term support soon.
 
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