Thursday, May 29, 2008

Trades for Thursday 5/29/08

So here's the deal with the long strategy. I've used it before in the past. Its a good strategy that gets me $0.50 about 90% of the time, however, since it is based on the momentum that builds before the earnings come out, there is tremendous downward potential if it doesnt hit my price before the earning come out. I've been burned quite badly before with this strategy, and now that earnings have come out on yesterday's picks, Im glad I made the decisions I made today regarding my closing trades. JRJC was fine, more than fine actually, after some struggle in the morning. JCG was a different story. So when I saw it coming back up for a second time today after hitting a fairly deep low, I grabbed my profit and walked away. As of now, it's down over $7 after the close.......whew!

Closing Trades:
Sld JRJC @ 25.67
Sld JCG @ 47.63

Nothing fit the strategy today except to short SHLD, but its a bit out of the price range I normally trade, so Im leaving it.

Enjoy the evening!

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