Trading. I don't believe in selling all positions at the close, if we did we wouldn't have enjoyed some further short moves in MXIM, GENZ and the lovely NVDA. Of course if you use puts on 'fast moving high volume stocks' like IBM and AOL they are 'liquid' and as tradeable as the stock but not the same for all puts.
But unfortunately what I do hold are the SHORT positions which are smaller remnants of original larger positions. NVDA was the only short that turned on me this week, but we held firm (I did relinquish 1/2 though) and added to that short today. Now I am still short NVDA but back to 1/2 position again. It was a pleasure watching that pay us back for having 'faith' on the short side from yesterday. I still will not hold long positions in technology as I said, I am long some health care stocks once again and did suggest we might hold ENE, APA or HAL after yesterday's move down in SLB was the end of the pullback.
Scalping is not the way the make the most money and if you have to risk a little for a lot, that's the way it should be. Howver we are CONSERVATIVE in trading ONLY in the direction of the prevailing trend. For example I would not be holding CIEN, VRTS or OPWV short because of a one day rally, but I would be holding BUD after they were positive on the beverage sector and BUD has been a favored stock for a long time. So yes, I'd hold LONG IN THE SECTOR OF STRENGTH and a one day bear flag 'relief rally' does NOT a new trend make.
I feel that today was like New Year's Eve, everyone was making resolutions as to the new quarter and like a party, everyone believes they will actually turn over a new leaf. So we decided to 'stay with the party' which we timed and joined appropriately, but I did recommend to close tech stocks (well TLGD is my only long in technology which I am happy to say I have AVERAGED UP (not down) since 17 1/2 and am back to a good position and cut the losses ont he 300 shares with 1,200 shares averaged up since 17 1/2. Got clobbered on some little losses but held tough on the short side this entire week, holding positions overnight except QLGC, MANU and CIEN which were covered Wednesday and Thursday respectively.
I expect a little retracement next week and when the earnings are out on the table we will choose our NEW PLAYS from the best of the best, the creme de la creme, and not those that are just 'trading at low prices'.. We might choose a higher priced stock that is jusntifiably higher like some in the insureance and health care sector dependant on the earnings. We will be holding swing trades and "Long Term Day Trades" (i.e. for more than just a little scalp, but for the "beef" where possible)
I still feel scalps are not as profitable as longer trades and if you do your homework you can pick up those that are not picked up a quick intraday scan but those you have played, studied, charted, followed fundamentally and technically, and nutured for weeks, months and even longer.
I have to admit I love this market climate, I now have a nervous trigger finger on the long side and I will have to garner confidence to hold longer (for techs) but I have confidence in the trading strategies for the most part, its the market internals that we have to follow explicitly.
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