Today was a great day for day trades. The market sold of early, but then bounced back and starting melting up at around 9:50am. I took a trade in BXP and caught just over 2 points on it!!! Unfortunately I got shaken out after being up over 3 points that I locked in profits of $2.10 per share when BXP looked as if it was going to reverse. Too bad I did get shaken out because if I would have held and/or re-entered, I would have made 5 points on it today!!! Oh well, never look back! After I saw BXP continuing on its way up, I took SPG long and I was late on my entry. I should have waited but got a little compulsive and took it long just in time for it to pull back. I ended up taking a hit for $1.09 cents when I limited out after it hit my risk of $1.12 cents. Then, I re-entered when things started to push up and made back $0.72 cents. Overall I was up $1.73 cents gross off of 600 shares. My efficiency ratio is sky high and I'm loving it! This was a nice comeback afterday yesterday I got stopped out in SPG for a point. Overall I'm up on the week for day trades $0.73 cents gross.
Swing trades are still looking good, and after a close like we had today, I am still bullish. We're going to see 900 on the S&P soon enough. PCX, HW, and RACK are all holding their own and showing good relative strength while the market is pulling back. Also, it's nice to see that we filled the gap at around 825 on the S&P from last weeks monster gap up! Even more of a reason why I am bullish. The market needed this pullback, and now we can continue on our way up! Ahhh!!! Before I forget, I took my biggest position yet in my swing trading account. It's not really a big position but in regards to the monetary value of the position, it accounts for just under half the value of my account. Anyway, the trade is in Kraft... Took it long yesterday 100 shares at $22.90, and looking for it to fill the gap at around $26-27 bucks. That should be a nice return. All in all, things look good! Check out the KFT chart for some more notes:
Here are my day trades today... 3 trades total for 600 shares (that's like $4.50 commission... not bad!)
BXP Trade of the Day!
SPG Trades:
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