Friday, February 4, 2011

End-Of-Day Recap - Friday

Another very good day. Portfolio was up 1.5% today, and 4.3% over the past 2 days.

Once again, Sensio 3D (SIO.V) helped, as it gained 4.3%. SIO.V is one of my largest holdings, and has bounced from a low of 1.05 two days ago to a high of 1.23 today. I have no intention of selling any shares here as I see this stock going substantially higher throughout the year.

My short US Treasuries and short US natgas positions that I put on yesterday both performed very well today. I am holding each of these positions over the weekend. The treasuries position is intended to be a longer term hold. I have a technical target I am looking for in natgas (Why Natural Gas Is a Short) but no matter what I will cover that position prior to the release of next Thursday's storage report.

Overall I am looking for equities to continue to rally next week, but the closer we get to 1350 S&P the more I will be looking to cover longs and reduce risk. I'm starting to see some warning signs. A number of long term bears are suddenly turning bullish, and technically 1350 S&P suggests a possible top. It's not time to sell yet, but need to be careful.

Today's trading activity...

Closed Positions:
  • Sold 40% of GLW @ 23.26 (+3.58) - still like it higher, but as it goes up I will continue to take profits
  • Sold 1/2 AIXG @ 41.92 (+1.06) - still like this one higher as well
  • Sold COHR @ 54.10 (+.46) - felt like the move up was starting to lose momentum
  • Sold ENOC @ 24.44 (-1.02) - traded back below its 50 day moving average, so I'm out
  • Sold PC @ 13.18 (-.14) - just not feeling it
Day Trades:
  • Shorted COT @ 8.18 and covered @ 8.22 (-.04) - didn't go anywhere all day
  • Shorted MSCI @ 34.19 covered @ 34.74 (-.55) - basically went against me from the minute I put it on. 34 is a strong support level, I will wait to see if it fails before considering a short again. As well, there has been a decent amount of insider buying recently which should have tipped me off that maybe the timing was wrong. Luckily it was not a very large position.
New Trades:
  • Shorted WPRT @ 15.73 - looking vulnerable on a break below 15.50. Closed @ 15.52 today.
  • Bought ABX @ 48.15 - keeping a tight stop, but good risk/reward here
  • Bought SNE @ 35.57 - bought the pullback to the 20 & 50 day moving averages after yesterday's stong day. Talked about this as a potential trade in yersterday's watch list (Stock Charts For Friday). Bought EPS.TO @ 3.51 (partial fill) - sold these the other day @ 3.68. 3.50 was the breakout level and should now be support.

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