Friday, December 10, 2010

Our positions


1.Sold partials on the VMW for just under a point on the breakout test (if we go under we often take some off into target of breakout alert).   We now have our stop around breakeven on a move below 88.

2. SWN keeps threatening to stop us out but at the last second moves up and away from our stop.  A move through 35.5 today would make us exit.

Everything else looking healthy: we're green in VMW GD ATPG NBL and down 0-1% in SWN SOHU MON.   The more extended the market the less "Cowboyish" we are with trades and the tighter our stops.


Update II:

at 3:50 PM on Friday. Booked the rest of VMW for 1 point gain; bailed on SWN for 20 cent loss and took partials across the board for gains (GD ATPG NBL) and losses (MON SOHU) on this market rip as we're feeling uneasy due to how extended market has become.  Still long partials in GD ATPG MON NBL SOHU. 


We're swing long 7 positions now (5 of them we bought lower from selling earlier this week and 2 new ones).

 We sold SWN earlier this week near 38 and bought it back on the 50SMA bounce under 35.9.   SWN testing 50SMA right now and we might bail on this for 30-40 cent loss on a close under 50SMA.

 MON we sold near 63 and picked it up again near 61 on bounce on 20SMA-- has support at 60.5.  Close below that would likely take us out.

 ATPG we sold near 16.5 resistance on Tuesday and picked up again for 4% lower -- we like how its basing under 16.5 resistance and are just going to sit on this for a while.   Our "bail" point would be a loss of the 50SMA.

 GD we sold over 69 and picked back up aournd 1% lower -- we like this for a break-out of 70.

 NBL we sold Tuesday at the open near 87 and picked up again today at 81.76 just above the 50SMA.  If it loses the 50SMA and then 80 support on a closing basis we'd probably take the loss.

 SOHU small swing here on today's dip at 77.5 in anticipation of 79 break-out.  Smaller size than previous positions because support far away.   We'll play this one by ear as there is no real support nearby.

 Same thing for VMW.  We picked this one up today at 88.07 in anticipation of 89 break-out.  Again though, smaller than all the other positions (save SOHU, same size) because no real support nearby.   Another one we'll go by feel for stop.

We're less aggressive than last time we put on swings (12 positions, all bigger) as commodities are still weak and we feel more confirmation is needed before we put on more size.