An NYSE Scalper's Tale - A Trader's Diary

Tuesday, March 21, 2006

The Market Moves!

Gross: +$489.98
Net: +$414.50
Loss From Top: 0
Trades: 52
Shares Traded: 76000

Stocks Traded Today (net profit/loss):
Pfizer (PFE): +$242.38
Corning (GLW): +$211.50
Cendant Corp (CD): +$35.13
Citigroup (C): +$28.18
Hewlett Packard (HPQ): -$8.22
Bell South (BLS): -$10.15
Boston Scientific (BSX): -$24.88
Walmart (WMT): -$59.43

After a couple of days of trading in a tight range, I'm glad that today the markets actually moved! There was some nice intraday swings both to the upside and the downside. I only wished I was fast enough to catch more of it!

Today I also tried a few new things to try to tweak my trading strategy when it's choppy. It was met with limited success, but then again, the market moved with some nice trends for most of the day before I could fully test them out.

There were two good trades that stood out today.

The first good trade occurred on Corning (GLW). After a quick start in the morning, GLW topped out at around 10AM and started to fall. Then at 10:17AM, GLW came down to the $28 level where there was mild support (maybe about 200 size on the bid). When GLW hit the $28 level, it paused for a bit, but then the Futures tanked (and it tanked hard!). I went short 2000 shares at $28 and took my profit as follows: 6-cent winner (500 shares), 9-cent winner (500 shares), 13-cent winner (500 shares), 15-cent winner (500 shares) ($215 profit before fees).

The next good trade occurred at 10:49AM on Pfizer (PFE). At that particular time, the Futures had just turned downwards and PFE had just finished popping up. The Futures then popped downwards, so I went short 5000 shares. I got out of my position as follows: 1-cent winner (2000 shares), 4-cent winner (3000 shares) ($140 profit before fees).

After two days with little to no action, I'm glad we had a day like this. However I felt as though I should have done better than this. There were a couple of trades I got into that did not move even though the Futures moved strongly in the direction of the trade.


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