Day Trading Post #43

Well, its been about a week and a half since I last wrote on my blog. I've been pretty busy lately with other side jobs to make some extra cash on the side but I have still been paying attention to the market and I've been trading! More of my focus has been on my MB Trading account rather than my day trading account for reasons that I'll discuss at some other point in time.

Anyway, last week I took a large position in CNB (large for me... 1500 shares total). I was up big on it by Tuesday morning premarket and scaled out 500 shares for a 61 cent profit. Then I scaled out another 250 for 20 cents profit, and I am now holding 750 shares which I am currently down 3 cents on with todays after hours trading.

I've also taken positions in LEA and ZLC. LEA is trading under 2 dollars and I am trying out a new strategy with this trade... basically I am buying on the pull back and buying based on the fact that the bad news for the auto industry has already been factored in. It's cheap, and there is very little risk overall with a lot of upside potential. I also took a position in ZLC today after a big volume spike and stochastic cross over to the upside last friday. The setup is nice, but I only took 100 shares because it gapped up this morning past my desired entry point at $4.00. Anyway, I will add to this on a pull back.

Other than that, I am still holding 100 shares of PCX, 100 shares of HW, and 100 shares of CNO. Each of these positions look good and are holding good strength as they pullback and the stochastics trend back down. These are longer term holdings (and most of them I have already scaled out and locked in profit... so the shares left are in there as my runners)

Besides the swing trading, day trading has been going well. Today, I managed to pull about 2 points off the Riets today between SPG and PSA. Other than that, I have been sticking to my trading style and taking in points at a time of profit (with some down days of course).

That's all for now!