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

Thursday, February 22, 2007

Lots Of Stocks And Another Missed Opportunity

Gross: +$760.00
Net: +$650.44
Loss From Top: 0
Trades: 75
Shares Traded: 140600

Stocks Traded Today (net profit/loss):
Hewlett-Packard Company (HPQ): +$208.14
Analog Devices Inc. (ADI): +$186.86
Alcatel-Lucent (ALU): +$181.08
The Goodyear Tire & Rubber Company (GT): +$118.92
Friedman, Billings, Ramsey Group, Inc. (FBR): +$113.20
Micron Technology Inc. (MU): +$103.54
EMC Corporation (EMC): +$96.98
Health Management Associates Inc. (HMA): +$40.63
Newmont Mining Corporation (NEM): +$34.83
Safeway Inc. (SWY): -$24.81
Halliburton Company (HAL): -$30.31
American Home Mortgage Investment Corp. (AHM): -$42.78
Coeur d'Alene Mines Corporation (CDE): -$60.81
Time Warner Inc. (TWX): -$116.06
Motorola Inc. (MOT): -$158.98

Lots and lots of different stocks traded today. I'm finding that the last few trading days I've had a tough time making good, solid trades and as a result, I have very little to report (in terms of good trades).

I'm not sure seemed like most of the stocks I was watching didn't really have nice looking charts and there weren't many sustained trends.

Instead, I found that a lot of these stocks in the news just chopped up and down and as a result, I kept switching to different stocks for opportunities.

And it was because of the increased amount of chop occurring in these stocks in the news that I'm reluctant to hold onto winners longer. I got caught a few times in the morning taking a trade that was initially a winner, but many eventually turned around and became a loser.

And on those few times the Futures tanked hard in the morning, I just couldn't find any good shorts. Either things didn't move downward with the Futures or I found that I couldn't get a short position on them.

It was a combination of all these things that led me to constantly jump from stock to stock, trying to take advantage of any small opportunities that presented themselves.

I also missed another good opportunity similar to the one I missed last week on Ford (F). This time it was on Alcatel-Lucent (ALU).

All day I was keeping a close eye on the $13.00 level on ALU and a few times it tested it and I was ready to punch in with a 20,000 share position.

Take a look at the 1-minute chart of ALU and look at what it did around 2:30PM:

I had been watching it closely since around 2PM when it tested the $13.00. But then around 2:25PM, my attention was caught elsewhere as I was in a Goodyear (GT) trade.

As I was concentrating on my GT trade, I look out of the corner of my eye and see the $13 level break and ALU just explode to the upside. Shortly afterwards we hear that ALU won a patent dispute with Microsoft.

Hrmmm....had I been focusing on ALU, I wonder if I would have been able to get 20,000 shares or not (i.e. if I would have been quick enough).

Ahhhhh well....I let another one get away. It seems like big opportunities have been dangled in front of my face a lot recently...and I'm constantly missing them.

Just one good trade to tell you about today and no bad ones to report.

Again, today I took a few unnecessary trades on Time Warner (TWX) and Motorola (MOT) that probably didn't need to occur. Those two stocks accounted for most of my losses today.

Let's see what kind of opportunities present themselves tomorrow.

Good Trades
1:39:27PM - Hewlett-Packard (HPQ) was moving up after making a bottom at around 12PM. It steadily climbed up to the $40.85 level where a bit of resistance momentarily stopped move upwards. HPQ fell back a little and when it tested the $40.85 level again, it broke and I got long 5000 shares @ $40.85. HPQ moved up further, but when it started stalling, I started scaling out of my position. I got out as follows: 2-cent winner (2000 shares), 5-cent winner (1000 shares), 6-cent winner (1000 shares), 7-cent winner (1000 shares) ($220 profit before fees; Long 5000 shares @$40.85 ; Out: 1:45:09PM)

Bad Trades


Post a Comment

<< Home