Wednesday, April 14, 2010

100% Cash

I exited my SVN position for a loss of roughly $58.00 including commissions. I was also prematurely sold out of ABCD @ $4.99 when my stop loss was set at $4.85 (which I simply cannot understand).

I was at a 100% cash for a brief while. However, I put in a limit order to short 250 shares of SVN @ $11.00 which was partially filled a while ago. SVN has broken support on heavy volume today even while the markets are rising powerfully. This leads me to believe that if the markets reverse in the near future, SVN will likely fall hard. I will place my stop loss at $11.40 and risk $110.00 including commissions.

I am also stalking NEP and would have entered today when it broke $10.00 resistance. However, they will release earnings announcement tommorrow before the open. If the release is better than expected an NEP makes a positive move tommorrow but does not gap up too large then I will look to get long. Any other out come and it will be off my watchlist.

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