Monday, May 10, 2010

Update...

This morning when I checked the futures and saw that the markets were set for a huge up side gap...I thought to my self that I was going to be close out of HTCH for a huge loss.

I would have except on Friday I had removed my stop loss order on HTCH because I was going to close the position out and go into the weekend 100% cash. However, something distracted me from doing so. So I had an open position coming into today's session without a stop loss in.

It worked out to my benefit. Ordinarily I would have pulled the stop and look to see what HTCH did in the first hour of trading anyways. So this is what I did. Since HTCH continues to look weak I decided to sell only half of my position for a loss of about $30.00 including commissions and keep the remaining half with a stop loss @ $6.00 risking about $100.00 on the back half and looking for an ambitious target of $4.00! However, I will look to get out if the markets appear to be transitioning into an intermediate term up trend.

I have no other open positions neither am I considering getting into anything either long or short in the near future. With the volatility I am seeing now it will be very easy to get shaken out of positions and to suffer a huge drawdown. So until things settle a bit I am not looking to do too much trading.

In the meantime, good luck and good trading!

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