The Damage Done

When the market makes big moves, I like to check out other blogs and see how other traders reacted, and perhaps learn something. For the readers who came here yesterday, sorry I didn't have much to share. I had a very long workday, got a speeding ticket coming home, then saw that my account suffered a killshot during the day. I really didn't feel like writing about it. But now I have assessed the damage, and here's what went down yesterday:

CTRP: -$1.50

DRYS: -$2
Could have been much worse.

X: -$5.79
Gapped down below my stop on Tuesday morning. I shouldn't have bought so close to earnings.

It got even worse. This happened to me today:

LVS: -$9.13

It also gapped down below my stop.

On the bright side, I am holding BIDU, which has been acting as a buffer in my account. Without BIDU, I might be jumping out of a window right now. Please don't gap down, please don't gap down, please don't gap down,. I am also holding RIO.

EDIT: My first clue to sell came on Monday afternoon when I was in several positions, all of them up big, and I was feeling pretty good. The last time that happened was the morning of October 11. Later that same day, I liquidated my entire account during an afternoon sell-off. Next time I feel like a trading genius, I will sell immediately.

Ouch

I got my a$$ handed to me today. I haven't gone through the damage yet, since I was away from the market all day. I don't really want to right now.

Swing Trading

We are entering the time of year where swing trading can pay well. I want to be in stocks right now. Here's what I've been doing:

Last week
Out RIMM for b/e
In BIDU

Today
In CTRP, DRYS, LVS, RIO, X

IBD 100 Stocks Near Their Buy Point for 10/29/07

There are nine stocks in the IBD 100 that have been highlighted in the Monday edition of Investors Business Daily as being near their buy points:

#2, FTK


#4, RIMM


#15, NOV


#17, GRMN


#30, CMED


#31, FCX


#33, LIFC


#39, GME


#80, CTRP

Some Trades

I got stopped out of NVDA today:

NVDA: -$2.50

I had also taken a position in GRMN yesterday, and sold it today

GRMN: +$7.18

I am also in RIMM, which I entered yesterday. Both GRMN and RIMM are Zanger picks.

Quick Post

I was stopped out of CROX last week after moving my stop to b/e.

I am still holding NVDA.

AAPL reported blow out earnings, which could be good for tech stocks for awhile. I am watching RIMM.

IBD 100 Stocks Near Their Buy Point for 10/22/07

There are seven stocks in the IBD 100 that have been highlighted in the Monday edition of Investors Business Daily as being near their buy points:

#5, RIMM:


#27, GRMN:



#42, AMZN:



#51, CTRP:



#69, FMCN:



#72, STP:



#92, HURN:

NVDA

Took a swing position in NVDA this morning as it broke out. This is an IBD pick. It had a good day.

I am holding CROX and NVDA. I find it best to not think of my stocks during the work day, because this market is causing me some anxiety, which sometimes is a good sign.

Cautious

I took a swing position in CROX on Monday morning, but otherwise sitting on my hands. Looks like INTC will probably take the market higher tomorrow. It's anyones guess how long it will last.

IBD 100 Stocks Near Their Buy Point for 10/15/07

There are seven stocks in the IBD 100 that have been highlighted in the Monday edition of Investors Business Daily as being near their buy points:

#40, GME:


#44, AMZN:


#60, SLB:


#64, SII:


#70, HURN:


#71, FMCN:


#84, NVDA:

Panic Selling

Today is the kind of day that can really hurt a momentum trader, since it was the leaders who took the biggest hits in todays selloff. I had 7 swing positions going into the day, and was very excited to see these stocks doing well in the morning. When I saw the selloff in the afternoon, I liquidated my entire account. Sounds a bit extreme, I know. After I did, I felt foolish, but nearly all of my stops would have been hit anyway. Here is how my positions faired:

AAPL: +$5.05
Had been holding for awhile, and sold some on the way up. Was hoping to do a lot better. I was stopped out during todays selloff. In the end, made about $5 per share.

CROX: +$4.59
Also sold some on the way up.

FCX: +$3
Took this position last week. Sold at market during selloff.

MA: b/e
My nemesis, since I often lose money with this stock. I had moved my stop to b/e last night. Was stopped out today, although it held up well early in the selloff.

PCU: +$9.30
Bought this yesterday and sold this morning after it hit my initial target. I was wishing I hadn't sold in the morning, now I am thankful I did.

GME: -$1.35
Blah. Nothing to say, Panic sold this.

GNK -$1.40
Ditto.

Sold my remaining CTRP earlier this week for a total gain of:

CTRP: +$1.80

I can't be upset because most of these were sold for gains, but I had so much more.

Right now, cash is king. we'll see what happens from here.

IBD 100 Stocks Near Their Buy Point for 10/08/07

There are seven stocks in the IBD 100 that have been highlighted in the Monday edition of Investors Business Daily as being near their buy points:

CYNO


AMZN


FLIR


NVDA


HURN


FMCN


WFR

Weekly Review

Here is how my trading went this week. I will start off with the big loser, Las Vegas Sands, which I bought on Tuesday, then gapped down huge on Wednesday morning:

LVS: -$6.36

My second big gap down this week. I also had another loser, and that was FCX, which I had been watching as a gold play:

FCX: -$3

I had two swing positions that I held for a couple of days that sold after hitting my initial targets:

MA: +$3.40
CMI: +$4

MA had been an avoid for me, but it looked like easy money, so I took it. CMI I would have like to have held longer. I usually place a Buy Stop+TTO order, which means my position is closed automatically as it hits my preset stop or target prices. If the stock is doing well, then I will often remove the orders and adjust the stop and let it run, but I didn’t have a chance to do this with CMI on Friday. I’ll take the profit though.

Closed RIG after moving my stop.

RIG: +$1

I hate oil stocks; so slippery.

Tried day trading GRMN on Friday for b/e. I also re-entered FCX on Friday for another go.

Holding: AAPL, CROX, CTRP, FCX.

AAPL and CROX are doing well.

EDIT: CTRP doesn't look too good right now. I took partial profits on Wednesday and moved my stop to b/e, so I'll just keep holding.

Out GRMN

Here’s the problem with swing trading. You take a position, and for days, maybe weeks, you watch it climb the wall of worry. The stock makes a nice gain, and you pat yourself on the back for making such a wise purchase. Then one day you wake up, and all of the gain you sweated and worried about is gone in an instant. That’s what happened to GRMN holders today who bought the most recent breakout:



That included me. The good thing was, as I mentioned in this weekends post, I sold half my position last week and moved my stop to b/e. GRMN opened below my stop, but I'm out of the trade with a profit:

GRMN: +$4.50

Selling half last week was simply luck, or fear. I knew it was due for a correction, but nothing like this. Although I would have made much more selling all last week, I am happy to get out with a profit.

I've been too busy at work lately to do any day trading. Sadly, it may be that way for awhile. I passed on some buy stops last night that I am kicking myself for now (FSLR, MPEL).