I'm looking to go long SKF.
Monday, January 12, 2009
Jan. 12, 2009
The financials have broken below the bottom of the wedge which portends lower prices.
I'm looking to go long SKF.
I'm looking to go long SKF.
Wednesday, January 7, 2009
Jan. 7, 2009
Today was the first trading day for me due to having to work last two days. By the time I logged on at 8:30 the market was down 160 pts. A quick check showed SKF was performing significantly better than SRS. There was some bad economic news out and I sensed today had a very good chance of big selloff.
First trade at 1 pm (est) SKF 107.08, looked like the market might crack prior low but failed and bailed at 106.50 for a small loss of 0.58 on 100 sh. At that point the dow looks like had support 8820 as it held twice there. At 1:42 the dow was heading down toward the 8820 area with momentum and I bought 100 SKF 107.18, after the dow cracked 8820 I added 100 more 107.59 and the final 100 at 108.08 for an average price of 107.72. I continued to move my stop up and was stopped out 110.21 for +2.49 on 300 shares.
The dow staged a brief rally and when it finally fizzeled and reversed I bought 200 at 109.98 and was stopped out at 111.24 for +1.26.
It was a very fine start in every aspect. I waited for the right entry point and exists weren't too terrible but maybe could've been a little better. I did not over trade, making only 3 traded.
Although the SKF and SRS isn't a perfect mirror image of the market indices it's close enough so that using the movement of the dow or sp500 to time the entry works quite well.
First trade at 1 pm (est) SKF 107.08, looked like the market might crack prior low but failed and bailed at 106.50 for a small loss of 0.58 on 100 sh. At that point the dow looks like had support 8820 as it held twice there. At 1:42 the dow was heading down toward the 8820 area with momentum and I bought 100 SKF 107.18, after the dow cracked 8820 I added 100 more 107.59 and the final 100 at 108.08 for an average price of 107.72. I continued to move my stop up and was stopped out 110.21 for +2.49 on 300 shares.
The dow staged a brief rally and when it finally fizzeled and reversed I bought 200 at 109.98 and was stopped out at 111.24 for +1.26.
It was a very fine start in every aspect. I waited for the right entry point and exists weren't too terrible but maybe could've been a little better. I did not over trade, making only 3 traded.
Although the SKF and SRS isn't a perfect mirror image of the market indices it's close enough so that using the movement of the dow or sp500 to time the entry works quite well.
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