Monday, February 7, 2011

End-Of-Day Recap - Monday

Nobody would ever mistake me for being a closet index fund. More and more it seems that my daily P&L has almost nothing to do with the daily swings in the S&P500 or the Dow.

While my trading accounts were up marginally (+.01%), my LT accounts were down around 1%. That's actually not too bad (or even unexpected) given the nice run some of the LT positions had last week. On a month-to-date basis the accounts are still up 3%, and I am happy with that.

I took profit in the following positions today:
  • Great West Life (GWO.TO) @ 27.29 and 27.65 for an average gain of +1.31
  • Sold remaining GLW shares @ 22.71 (+1.34)
  • Sold 1/3 HND.TO @ 9.12 (+1.34)
  • Sold 1/2 ENS @ 33.98 (+1.06)
New trades initiated today:
  • Sold short COT @ 8.24. COT gapped under 8.50 support a couple weeks ago and is now testing resistance at the 20 day ma @ 8.30. 50 day ma is currently flattening out around 8.42. Initially looking for a re-test of the bottom of range around 7.50-7.75. A break below 7.50 would open up the downside for a move all the way back to 5.50.
  • Bought PVG @ 27.21 on anticipation of a break out higher. Traded as high as 27.44 today (new 52-wk high) but failed on the b/o attempt and then tested support in the 26.50 area before closing at 26.73. 50 day ma comes in next around 26.25, but really want to see 26.50 hold to maintain confidence in this trade.
  • Bought AAPL @ 351.50 on breakout above 350. Any of the uncertainty of January seems to be forgotten, and with AAPL it continues to be up, up, up. Well, it least until it doesn't. The break above 350 should open up a new trading range between 350-375.
  • Long HBU.TO @ 30.96 (2x Gold Bullion ETF). Gold looks to me like its put in a floor. GLD is consolidating Thursday's move higher on low volume. Need to see confirmation of the next leg higher by mid-week. A close above the 20 day ma and I may look to add to the position.
My main focus tomorrow morning will likely by on gold and AAPL as I look for confirmation on each of these trades.


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