trading results 1/29/10

January 29, 2010 9:35 pm Robert Weinstein Trading results

Trend following kind of day

I came into the office early today and did my usual scans and saw nothing and I mean nothing that looked good. Even X didn’t look good and I thought it was going to give some love today. I was looking for a lower open and a bottom to go long with and it was higher in premarket which would have been great if if closed below the low two days ago. I calculated the odds of being more likely than not that it would make another test of the lows and so I didn’t touch it. After todays price action it does appear that its going to want to take a look at the 200MA which I show just under 42. The Fed is say they are going to keep rates low for a while which means two things. If your making money and you can make more by borrowing money your golden and if your not making money and would only borrow money to stay afloat your in a heap of trouble as the economy is in the dumpster or the Fed would not keep rates so low. I think I will skip X for a while
DAL WW daily stopped out +33
short near the end of the day stopped out. IOC was trading in the 61.50 ish range in the afternoon when it looked like it was having trouble. Following my thoughts on this would have been the thing to do as it never saw that high of a price for the rest of the day and I just watched it fall further and further. I did have a second kick at the can when it went of 61 again but I passed on it as it didnt look weak enough. I did end up placing a small trade and as it would turn out I was stopped out shortly after + 2

SNDK was my best trade of the day. It was also a trend following trade that I scalped as well as added to on the way down. some of the scalping worked out and some did not but in the end it worked out as a nice trade. The stock pretty much fell from the 26.12 level where I started to short it and slowly fell until around a half an hour to go it bottomed out at 25ish and was able to bounce back up. When it hit 25 I had 200 shares and I covered 100 at 25.01 and the other half around 25.16 on the bounce higher. + 401

+ 436

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