Well, finally busted back in the win column today due to overall market breakout, and used a junk slump buster, LEI, to do it, ending up 1.8k for day. Wanted to cover a couple of trades done today as today first day in a week or so felt have some solid trading ideas, both right and wrong. Going to highlight the solid ideas and why, not all the trades. Let’s get to it.
SLM short 11.13, covered 11, plus $400 bucks. Shorted because the stock guru Jim Cramer said to his crowd to sell half his speculative play. To give him credit, he actually made a good overall call on SLM. However, his blue chip CIT is still around $1. ha. There was more in this short as the college education sector sold off today, but took the small profits on a good, solid idea.
ASBC long 5k, 11.85, out 11.50, lost 1.8k. ASBC reporting earnings, so had to make a decision quick. I thought the earnings were good enough, on a day where PNC, FITB and small banks rocking, to take a play. As soon as I bought, dropped like a rock, so bad entry, and before I could even put a stop in, 11.50, my target stop on my 12 entry shares, already hit. In this case, I bought a little more at 11.50 to see the overall reaction. After thinking about it, I sold all for loss 10 minutes later, and it closed around here. The simple reason, I don’t like to break rules, don’t like to move stops after I get in and it does not go my way, so I take the loss and move on.
AIG Long 2k 40, out 2k 39.99, flat. I told myself I was going to go big on AIG if it broke 40 on CEO comments, I did, but I put the stop way too tight. AIG traded below 40 for a milasecond, and shot right up to 42 in fifteen minutes. I was bummed about the call because I was dead right on it, and could have turned into a great day overall. But this was a trading mistake by me, and I could have given the stop more rope based on what I saw. However, I do like make mistakes that are break even mistakes, not loss mistakes.
OREX 5k 7.68, out 7.95, plus 1.8k. Bought because over weekend big weight loss diet pill conference, thought it could catch a bid, because when I bought it was dead. The entire market rise lifted it up, so I took the profits on name, even though willing to trade into friday at least, I pocked the profits.
Welsh
LEI long 20k .91, out 1.06, plus 3k. LEI the slump buster! Tried the penny stock based on volume, was way to low float to post, but putting it here as a ‘finally’ gain after a tough overall week of trading.
