EMC & MOT To The Rescue

Gross: +$993.00
Net: +$803.23
Loss From Top: $68.38
Trades: 80
Shares Traded: 253200

Stocks Traded Today (net profit/loss):
EMC Corporation (EMC): +$947.37
Motorola Inc (MOT): +$494.54
Tyco International Ltd (TYC): +$89.90
Grant Prideco Inc (GRP): +$51.84
National-Oilwell Varco Inc (NOV): +$39.14
Novellus Systems Inc (NVL): -$15.86
International Securities Exchange Hldgs (ISE): -$83.31
Emerson Electric Co (EMR): -$88.37
Avon Products Inc (AVP): -$132.93
Time Warner Inc (TWX): -$156.48
Celanese Corporation (CE): -$342.60

Damn!

This morning I had a really rough start.

One of the first few trades of the day was on Celanese Corp (CE). CE was moving up and was approaching the $28.50 level and when it broke, I went long 1000 shares. It went up a few cents and then in a blink of an eye, my blotter was showing that my position was a $600+ loser.
What the *!%*??

I froze there momentarily, trying to assess what the heck was going on...the Level II was all messed up with ECNs crossing every which way and I could see fills being made at least 40-cents down from where I was long. I guess one huge seller just tanked CE down hard, but I managed to get out for a $332 loser (see bad trades below).

Crap!

At that point, either I completely lost it or I still had adrenaline pulsing through my veins from the CE trade, and I quickly found myself in an International Securities Exchange (ISE) trade that resulted in an $80 loser.

As soon as I was out of that ISE trade, I found myself in an Emerson Electric (EMR) trade and again I was hit for another $80 loser.

As soon as I was out of that EMR trade, I quickly put on two scalps on Avon Products (AVP), both for losers totaling over $130.

Double crap!

At that point, I thought to myself "What an absolutely horrible start to the morning! In less than 15 minutes I've lost over $600!!!!!!"

I took a short little break, just to clear my head a little and to shake off what had just happened.

I came back and tried trading other stocks that were in the news, but with little luck.

I had been eyeing the $13.65 level on EMC for quite a while at that point because it had big size on the offer (and it was real because it had been there for quite a while). Well, EMC had approached it and when it started to break, I smacked that level and went long with 20,000 shares. As soon as that level broke, it popped up really quickly and managed to make $600 in less than 30 seconds (see good trades below).

Well that trade put me back in the black and it sort of helped me regain my focus.

All day I would continue to scalp EMC as it's moves today were quite smooth and were fairly predictable. I just took many $100 and $200 scalps on it.

In fact, I had made over $1000+ today on EMC all by itself, but I lost some near the end of the day.

Late in the afternoon, I also caught a good move on MOT, though it could have easily been more (see good trades below). Yes, yes, I know...in hindsight, I could have captured a lot more of the move...what I usually do with thicker stocks is that once I'm in a position, I'll put my orders out there to exit just so that I reserve a place in line to get filled should prices get there. I'll cancel my orders if the move looks strong, but the move on MOT was sooo strong and sooo fast, I couldn't cancel my orders fast enough...

Altogether there were two good trades and one bad one.

Today was a day in which the stocks-in-the news let me down. I don't know why, but it seemed like I didn't really "feel" the moves and every time I got into a position, the stock just didn't want to go or do anything.

Needless to say, EMC and MOT helped get me out of a jam today.

Let's see if I have better luck with the stocks-in-the-news tomorrow...

Good Trades
10:36:04AM - EMC Corp (EMC) had moved down, but looked like it caught some support at the $13.60 level. I had been eyeing the $13.65 level for about a half an hour because there was over 1000+ size on the offer at that level. EMC approached it and when it started breaking, I went long 20,000 shares. As soon as it broke, EMC popped up and I quickly took my profits as follows: 2-cent winner (5000 shares), 3-cent winner (10,000 shares), 4-cent winner (5000 shares) ($600 profit before fees ; Long 20,000 shares @ $13.65 ; Out: 10:36:31AM)


3:16:40PM - Motorola (MOT) was slowly creeping up and encountered some resistance at $19.67 in the form of big size. When it started breaking, I went long 10,000 shares. I got the first 5000 shares out to quickly and I had placed another order to exit the balance several cents up (just to reserve my spot in line to get out). But then I realized the extent of the move and I tried to cancel my order, but my order got smacked and I was out of my position. I got out as follows: 2-cent winner (5000 shares), 4-cent winner (5000 shares) ($300 profit before fees ; Long 10,000 shares @ $19.67 ; Out: 3:17:49PM)


Bad Trades
9:48:01AM - Celanese Corp (CE) gapped up and started moving up. CE approached the $28.50 level and when it broke I went long 1000 shares. CE moved up a few cents, but then in a blink of an eye, my blotter reported that my position was a $600+ loser. I tried to assess what had just happened and I just started putting orders to get out of my position. I managed to get out as follows: 33-cent loser (900 shares), 35-cent loser (100 shares) ($332 loser before fees ; Long 1000 shares @ $28.50 ; Out: 9:48:22AM)