This was my first trade of the day. I was going to build a swing position in XHB on its pull back from its recent highs. This is assuming they have bottomed and like the rate cut. I nearly caught the bottom of the first move down and quickly had a 25 cent profit. Once I heard that Uncle Ben and two of Bush's housing guys were going to speak (Larry, Mo and Curly), I got nervous. Quickly, the ETF and parts of the market began to sell off once they started talking. I said screw it and took the position off. The ETF flew for most of the rest of the day. I will look at this one again tomorrow.
My second trade of the day was RIG. This is my favorite driller. It gaped up and I wanted to buy a HOD which to my surprise slipped a tick into my favorite on the fill. It started moving up slowing and once I had a 30 cent profit - I moved my stop to break even. Two seconds after I did that, I got taken out. The stock dropped 75 cents in about 90 seconds. I should have left my stop at 50 cents and it could have been a great trade giving me a couple of places to add.
My third trade of the day was TIE. I was very frustrated at this point and took a setup that was not very good. I had just missed like 5 different trades on the steels stocks, all trying to catch a break out. I took 17 cents on this one. I would have tried to take more but the steels were pulling back by the time I got in.
MY fourth trade of the day was NOV. I bought a break out but it went no where so I got out with a small gain.
My last trade of the day was again NOV. Trying for another break out. This is were I started the position before the break out and was going to add on it. I got chicken with the market breaking and got out. This was not working fast enough for me.
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I felt good today. My ear infection is clearing up and I could focus more.
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The numbers:
Stocks: Gross +137 net +121 shares traded 2800
Stock Futures: none
Other Futures: none
Forex: none
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