Monday, July 23, 2007

A Case Of The Blahs

For a day when the market is up over a 100 points (currently, anyway) I really had no fun. In fact, for all the bluster showing up on the indexes, I made my good trades on the short side.

One in particular stands out. It was really the only good trade I had today. That was a short in WFT.

I got short a small position when the stock broke 58.70 at around 10:30 and then added when it broke 58.50. I covered most below 58.10 and net a little over $600 in the trade.

This trade came at a very important time of the day for me because up until that trade, I had no winners. Not one. I had traded 7 stocks and lost in them all. Most of my losers were under $100 except for SFL which was going nowhere... I shouldn't have been trading him. But I did... so, I got chopped and was down over $300 in him. So with a bunch of small losers and SFL, I was about to hit my loss limit of $500.

So WFT worked out and gave me a little boost of confidence for having a turnaround day.

In the end, I didn't do too much after that trade and make only $194 for the day. For now, I'll take it. At least the slide from Friday was stopped in it's tracks.

Perhaps tomorrow will offer more opportunity.

NOTE : I will post a list of the stocks with earnings for tomorrow like I did today. Tomorrow's list of companies announcing earnings is fairly substantial, with over 75 names making my list.

Here's the stats:

P&L, $194
Best, WFT,
Worst, SFL,

shares traded, 18,400 (churning action)
stocks traded, 11, 4 winners, 7 losers
total trades, 97

No comments: