Day Trading Post #51

Today was a very tiring day... I did a lot of driving and traveling, starting my day at 5am EST, and getting back home around 8:30pm EST. Regardless, I was monitoring my positions throughout the day, checking how the market was doing periodically while driving on the interstate.

Anyway, I am going to make this posting short and sweet. Here is the run down:

SIRI: This position looks great, and I am looking to take profits into the 200EMA on the daily chart. I am in the money on this position now and holding 2,500 shares. I held through a small amount of pain where I actually added to my position a tad bit. Reasoning behind adding to this was because SIRI looked bullish and the pullback never came down to my stop! This is one is setting up nicely!

NCS: After today, I am very confident about NCS. The last time were hit these all time lows on NCS, we saw a pop up to 6-7 dollars! I got a little anxious on this trade and pulled the trigger early, starting to scale in and build my position at $2.25. I've been adding to this position slowly, and I am now in the money by approximately 20 cents. This one has a lot of upside potential, and I will add to it a little more if it really starts to take off. I love the stochastics at this oversold level as well!

GE: I took 200 shares of GE at around $11.59 or so, and I am in the money. The setup looks nice, and as long as the market pops up, GE is showing some good relative strength. The stochastics are about to turn over to the upside as well. I will be monitoring this one, but right now it looks like a hold to me. Profit target is around the monthly pivot at $13.41 or so.

HW: I am still holding my last hundred shares and will only get stopped out if I hit my entry price. Otherwise, I am letting this one run. I have already locked in approximatley 2.5-3 points on HW.

PCX: I am continuing to hold PCX as a long term investment. This one has been moving up and down. My stop on this is more of a mental stop since I have locked in 2 points already. I am continuing to hold as I think long term PCX has potential to move up big in the long run.

CNO: I am a little disapointed I didnt take out my 100 shares when I was up 2 points, but I wasn't watching this one closey. I only took this one to satisfy my desire to get in because I had tried to get in twice back in March just before we hit the lows in the market. I didn't get filled, and then saw a reentry which was a good one but I am now even or slightly up on the trade. Continuing to hold.

ZLC: I should have taken the point I was up on ZLC prior to earnings a few weeks ago. Now I am down a point, but things are setting up for a pop. I am holding and may add to this if I see some good strength coming into Zale's.

CNB: I got stuck in this one and I have to say, I was bkinded by greed. I should have takent the point when I had 1,500 shares, but instead I scaled out 1/3rd, then took out 1/4 as it pulled back, and held half. Unfortunately news of bankruptcy made CNB gap down, and my stop is very very close to being hit. I locked in just over $300 or so profit, and net profit if I were to close out now would result in me being net negative. Holding for now, but I may cut this one off very soon if it continues to show weakness.

LEA: This was a great trade and I was up over a point on about 1000 shares or so, but like CNB I held on, scaled out small, and am now kicking myself. LEA has now filed for Chapter 11, and unfortunately, I would have been profitable on this trade, but it started to show some decent strength this past Tuesday and Wednesday, so I added to the position. I was down 10 cents or on 600 shares until the bad news came out today. This one is temporarily at a hold, but like CNB, I may cut it off shortly if it continues to show weakness. It goes to show you that even though technical analysis works well, bad news can trump all of your research!!!

That is my run down on my current positions. I will have more detailed posts in the future with charts, etc.

That is all for now!