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June 12, 2006

Trades - 6/12/06

Trade #1
Stock Traded: TOMO (TOM Online)
Buy/Short: Buy
Shares: 500
Buy Price: 20.00
Sell Price: 19.90
Gross Profit (Loss): (50.00)
Commissions-Expenses: (20.21)
Net Profit (Loss): (70.21)

Premise: Rumor hit right at regular market open that TOMO was acquiring a wireless entertainment company (confirmed the following day). Although the acquiring company in a deal like this usually gets hit negatively, TOMO was spiking.

Buy

Sell

Conclusion: A knee-jerk buy that was a bit of a chase, since TOMO had already spiked a fair amount. In retrospect, would have been better to let it breathe, and see if it had follow-on strength. As you can see, there was a very limited up-move area from my entry. However, kept the stop tight, and correctly exited with a .10 stop-loss.

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Trade #2
Stock Traded: STP (Suntech Power Holdings)
Buy/Short: Buy
Shares: 500
Buy Price: 22.10
Sell Price: 22.33
Gross Profit (Loss): 115.00
Commissions-Expenses: (20.25)
Net Profit (Loss): 94.75

Premise: Played bounce off early-open oversold conditions. Although bounce had already been healthy, stochastics remained low, and there seemed to be more room to bounce. After initial pullback off highs, rode 1-minute oscillation to 80-band area and sold into buyers.

Buy

Sell

Conclusion: A decent-enough scalp, but hurt by entering on spike itself, rather than letting the initial pullback from spike occur first. As a result, probably exited earlier than necessary due to relatively high entry. Even with relatively small share-count (200 shares), might have been better able to pare out half in the high 22's or low 23's and ride the rest into the latter-day time period. (STP seemed to oversell early on the post-open futures drop, combined with the previous evening's negative comments from Jim Cramer on Mad Money. However, Briefing.com issued positive comments on STP's industry position later in the morning, and STP rose to the high 24's before selling off eod with the rest of the market.)

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Cumulative Daily Statistics

Total Gross Profit (Loss): 65.00
Total Commissions-Expenses: (40.46)
Total Net Profit (Loss): 24.54

Monthly Profit (Loss): 965.68
Daily Average Profit (Loss) for Month (and Trend): 120.71 ▼
Daily Average Profit (Loss) for Year (and Trend): to be computed
Profitable (Losing) Days Streak: 13

Posted at June 12, 2006 4:14 PM

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