Day Trading Post #68

What a day in the market today! The DOW is now back up over 10,000, the S&P is flirting with resistance around 1,093, and with a little more of a push up, we can see this market really rally. We are in the midst of a bull market so I would be wary of short positions (at least that is just me). Anyway, my portfolio is doing well again. I have been paying attention to for just over a week again since I took a hiatus to deal with other things in life, and I have increased my profits to 28% overall in my portfolio.

Unfortunately, I still don't have a 'Day Trading Account' since I left the proprietary trading group (which might I add was shut down... but I left well before that happened). So, I have been swing trading my long term account and holding positions over night. Being that I must follow the regulations with my margin account, I am only allowed to take 3 day trades within 5 business days (i.e. - buy / sell securities in one business day without holding overnight). So, I decided that the opportunity was too good to pass up and I took an intraday trade in FAS (I figured go big or go home, and FAS was making moves today!). So, I took FAS long which you can see in the shoutbox on the right, held from 1:08pm and sold at 3:59pm for a gain of +2.30 points on 200 shares. I am very pleased with how this trade played out. I made notes on the charts below (4 charts shown - from left to right / top to bottom: 15m chart; Daily; 10m chart; 5m chart). Refer to the image below:

 As for my long term holds, VMW is a monster and has no resistance until around $50 from the gap it made about 2 years ago. SLM broke out today, and I am holding my entire position still. SIRI is holding up nicely and I can't wait for earnings to come out to push this one up. SIRI is a dog of a stock and subject to manipulation but the charts still look good to me. ALY is playing out, and we should see a break of $5.00 soon, so I am continuing to hold. SYMC filled the gap, and I plan to lock in profits on it soon but I am still holding to see if it will run up a little further. Maybe its greed that is keeping me in the trade, but I have to be disciplined so I will lock in the profit if it doesn't continue to perform. AET bounced back a little bit, and I am watching it closely. Healthcare stocks took a little bit of a hit the past few days, but they are very oversold at this point and the SMI looks setup to cross over for a long. Then there is LDK which came out with some bad news last night... it is weak and I may just cut it off sometime this week and stop looking for the positives. He is sick and just tying up money in my account at this point in time. Finally, there is EDVP which was a very speculative position I took about a week or more ago. EDVP is an OTC stock and I took 5000 shares. We saw a nice pop with big volume yesterday and then watched it pull back today. I want to see how this one will play out, but it is such a small investment, I am not too concerned about it overall.

As for the blog site, if you haven't noticed, I added a lot to the site here. I inserted the DayTradingRadio.com chat room to the top of the site, as well as the video feed of the radio show to the right column. I like how it looks and it makes it easier for me to manage my browser when trading because I have all I need here on my blog now. On top of that, I added a counter to the site to get some statistics and see if anyone is checking out the site. If you are, feel free to post comments on the postings. I would love some feedback. Regardless, I will continue to update the blog for my own personal use to keep track of my trading. Anyway, things are going well, the market is looking great, and I feel like we are all in a good place right now. With that said, good luck in the market!