Monday, February 11, 2008

Smoke Em If You Got Em

The day started well for me as some tobacco stocks got torched. I had put CG out as a short on Feb 4th with a trigger short at $82, the stock closed today at $76.92. And MO was taken out of the Dow 30-what an insult man. I also shorted LTR around the open and picked up a fast 2 pts. I don't have an overwhelming amount of optimism here but I'll take what they give me. Agriculture was on fire today due in part to short covering. I have AG out as a short and my stop is at $61. One of my favorite names of late is CREE and I have had this one out since around $28. It exploded today on almost 6 million shares and tagged $34.27. Hopefully I will be back later with a chart or two.

3 comments:

Anonymous said...

Hi Upside,

Loser from the chat room here. Was wondering how you select which trades to take and how you enter/exit and manage them.

Thank you.

upside said...

Hi Loser
I go through about 50-100 charts a night and then when 9:30 kicks off i weed out from there. If the bias of the market is strong I look for what group or sector is catching bids--ex..shippers,solar,ag and i go from there. Most of my activity is day trading although i will hold a few on a swing basis-i never fight the trend and always follow the money-i cut losses very fast because if i'm wrong there is always another pretty girl at the bar.

Anonymous said...

Thank you. Do you look for setups (like Stewies holygrail) or just buy breakouts / breakdowns of key levels.

Loser.

About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.