Thursday, June 6, 2013

Trading update and watches for 6/7/2013

My morning started out horribly with $ANGI spiking on literally no volume. When I first tried to exit the position; I inadvertently doubled my short position at $23.60. Had I held onto this position, ironically I would have ended up with a decent profit. However, I just covered everything at $23.60 as that was my pre-planned stop loss only to see it reverse lower to below my initial entry price ($23.15) within a few minutes. In hindsight I could have given it a bit more time to see what happens as the move was pretty much vertical and happened on a few thousand shares with no news. But none the less I stuck to my plan for the trade, took the loss and moved along.

Of the 2 long ideas I had on watch: $CLSN and $VECO...I touched none. $CLSN broke down so I lost interest. Although I still liked $VECO I wanted more confirmation plus clear signs of a reversal in the overall markets first. The close today was certainly a good start. So I will be looking to add long exposure tomorrow via $VECO and a few others tomorrow (if I get the confirmation I want).

**I want to highlight that I still believe that we are in a corrective phase and I am merely looking to play a snap back bounce within a down trend. I'm looking for 1 - 2 day moves at best and if I don't get my profit targets in that time frame...I'll be taking what ever I get and not sticking around! 

Here's what I'll be looking at for tomorrow's session:

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