Wednesday, February 2, 2011

The Long And Short Of It

P&L Summary

Trading accounts +2.3%.
LT Accounts: -1.3%

Same story today as most of January. Trading accounts had a great day, but certain strategic positions in the LT accounts continue to bleed. Technically these positions should probably have been cut a few weeks ago, but they are long-term in nature so I am trying to give them some time. This goes against my general trading strategy, and the trading gods are reminding me of that on a daily basis.

Molycorp (MCP), Epsilon Energy (EPS.TO), Mega Uranium (MGA.TO) and Hana Mining (HMG.V) were some of my better performers, each rising between 4-6% today.

Not a lot of actual trading activity however. Simply added a few positions. First day in a while where I didn't unwind anything.

Trading Accounts:

  • Added to EnerNOC (ENOC) position @ 25.91. Went long initial piece yesterday @ 25.72. This stock looks to have put in a double bottom. Closed @ 26.10. The positive divergence on the RSI and MACD is also an encouraging sign. Initial target = 29. Stop under 24.50.

  • Shorted JA Solar (JASO) @ 7.12. With both the market and other solar names like FSLR screaming higher, JASO has been an absolute dog. Really looks like it wants to break below its 200 day ma @ 6.74 and target 5.50 initially. It closed @ 6.93. However after the close it announced a 400MW supply deal and the stock jumped to 7.10. I will likely see how the market reacts during the first 1/2 hour before doing anything on Wednesday.

Long Term Accounts:
  • Added to Sensio 3D (SIO.V) @ 1.13. This is one of the LT names that has been slowly bleeding through much of January after posting nice gains in December.

  • Went long Great Western Minerals (GWG.V) @ .91. This is a rare earth play that has a lot of potential. I missed the breakout above .70. It has traded as high as 1.00, but pullbacks have been shallow. This is a fairly small position due to the entry level and the fact that my stop will need to be under .70 . 

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