Day Trading Post #41

Today was a day about scaling out and taking more profits! My personal account is thriving in the current market and it seems like I have the 'Midus Touch' right now!

Everything I have on my watchlist and/or have taken is golden!!! (Watch me jinx myself by saying this LOL!) But I am not getting greedy. The idea is to lock in profits and build up my account, and that's exactly what I've been doing. Today I started scaling out of a bunch of positions on some pullbacks and/or reversals. So, the past two days, here is what I've done:

DATE TICKER SIDE SIZE PRICE P/L per share

• 5/6/09 - KFT Sell 75 $25.52 +$2.92
• 5/6/09 - RACK Sell 50 $ 5.80 +$1.76
• 5/7/09 - KFT Sell 50 $25.25 +$2.65
• 5/7/09 - HW Sell 100 $ 4.00 +$1.30

• 5/7/09 - AXL Buy 300 $1.25 ------
• 5/7/09 - AXL Buy 200 $1.30 ------
• 5/7/09 - CNO Buy 100 $1.84 ------

So, I've scaled out of HW and KFT locking in some profit. I am holding PCX looking for a further move up towards the 200 EMA on the daily chart. We are flirting with resistance at that psychological # of $10.00 which I noted on my chart that I posted a few days ago. Other than that, I took AXL after seeing a huge volume spike in it today! Great call by daytradingradio.com! The profit target on AXL from what I am seeing is around the $4.00 price level, but we may see resistance as well around the $2.00 level. Regardless, I will be adding to this on the pullbacks and scaling out into strength. Also, today I liked the setup on CNO, but again that is a stock I tried to get in on with 1000 shares when it was at $0.40 cents. Unfortunately, I missed getting filled by a penny!!!! Regardless, it looks like it is going to push upwards towards the 200 EMA. I have a target of $3.50 on it and plan to add to this on a pull back to the 20 EMA. Also I really like the close above the 20 and 50 EMA today along with the 20/50 EMA crossover... Very bullish here, and I am kicking myself for only taking 100 shares. I may add to this position though!

Day trades were pretty crappy for me today. I managed to catch a move in SRS for 50 cents and got out too early because it popped up over a point and a half from my entry and I got out on the 30 cent pullback. Oh well. Then I was kind of bearish today for some reason, and kept waiting for the market to sell off, and each time I got burned going short. I lost 45 cents, and then 60 cents going long in SDS. Then I lost 90 cents in SPG when I was trading off the 3m chart (that was my mistake right there because I broke my rule and took a trade that was going against the stochastics on the 15m chart). Anywya, I was looking for the 2:20pm reversal and it looked as if it was going to happen, but then after being up about 10-20 cents, BAM! SPG took off like a rocket and after pushin up 2 points, it ran for another 2 points stopping me out at 90 cents. Ouch! The main thing is that its is very difficult to be profitable with the restrictions that are setup on my day trading account. I could sit here and gripe about it, but that would be pointless. If you really want to know, email me and ask...

Anyway, thats all I have for now! I'm planning on posting all the charts for all of my swing trades in the near future (putting in entries, exits, reasons for getting in etc... but that's going to take a little bit of time to put together.)

That's all I got for now!