Tuesday, August 14, 2012

Current positions and trades I made today

I held onto to my initial 100 shares in $PCYC that I picked up at $57.70 yesterday afternoon and added another 100 at $58.80ish today when it was coming out of an intra-day range. Now I have like 60% of my account long $PCYC and 40% cash.

I'm hoping for a break of $60.00 and morning spike up to the $62.00 - $62.50 level tomorrow to offload my $PCYC long position. Usually I would look to hold 1/2 of the position but I will be out after midday as I have an exam in the afternoon (yes, I'm enrolled in a Masters Programme, still employed full time and manage my account). If on the other hand, it sells  off and breaches the $58.00 support level I will sell it and take a small loss. Other wise I will do nothing and continue to hold my full position with a hard stop a few cents below $58.00.

Apart from adding to my $PCYC swing position; I also made a couple day trades today for very nice profits. First there was $MNST which I played for a quick $150.00ish in profits which should have been more but I didn't have the patience and nerve to hold my position through the sharp dips in this stock.

Then came my monster trade for today: $ARNA. I've been stalking $ARNA for over a week now after successfully shorting it a few weeks ago. Initially, I thought it was heading for a second leg down. However, when I noticed the stock not breaking down and also that $XBI was beginning to bounce I decided that I needed to shift to an open stance; that is; I needed to look to the play the stock for a break in any direction as opposed to looking for a short only. So I set alerts at both ends of the tight range it has been forming over the past few days between $7.50 and $7.00. Then when my alert went off around mid-day and I saw that volume was running well above the average of the past few days plus a change in character on the time and sales: I decided to jump in immediately @ $7.42 instead of waiting for the $7.50 break out which came only a few minutes later! Then I held my nerve and road it up to $8.00ish where I unloaded @ $7.91 and $8.02 respectively for about $550.00ish in profits.

Between the realized gains from $MNST and $ARNA and unrealized gains in $PCYC; my account is now up about 5.0%ish for the year! Five more days like today and I will achieve my year end goal of 30% account growth and getting out of PDT jail!

Hope you enjoyed. Good luck and good trading!

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