Good news: PM version
In case you have not noticed, this is second note for today. Below, you will find my AM version which I wrote early this morning before the market opened. Indeed, as expected, the market went up fast. This goes to show you, market movements are very difficult to predict. We are in the trend following business, and not in fortune telling business.
As per my last note, Acetrader bought XMSR at $11.20 this morning. It is just a bit early but I decided to pull the trigger anyway. However, I bought half of my usual unit for now. The other half will be bought if XMSR goes above $12. Just so you kow, my unit is somewhere between $15K-20K. We all need to understand the unit concept in order to effectively manage a portfolio. Go back (way back) and read my note on this.
If you have been reading my note the last few days, you know that I set up the quick trade for QQQQ. As per the note two days ago, I said to go long (buy) QLD if QQQQ goes above $37.70. Well, yesterday before the close, QQQQ went above the trigger price. We bought QLD at $67.45 and immediately placed a sell limit order at $69.95 (hoping that this will be a quick +3.8% hit in a few days). Guess what, it reached that price this afternoon (in a day!). This is a classical day trade (well, swing trade - overnight).
One important reminder, this QLD trade will not be added to our Acetrader portfolio performance figures. As I have said before, I have a long term investment account (this is the Acetrader portfolio) and a day trade account (quick fire moves that are hard for you to effectively follow through this blog). I am trying to slowly show you what I am doing with my day trade account for your pleasure and for education sake. By the way, with my quick in and out moves, I usually move between $150k-$200K per trade. For example, I purchased & sold 2,000 shares of QLD between yesterday and today. If you have less than $20K (minimum) you should not even bother trying to eek out few percentage points - trading cost will kill you.
Tomorrow, I expect the QQQQ to take a little breather. If it gets close to $39 we will go short (buy QID) for a quick 2% gain for the day. I will tell you how that goes.
Keep adding to EXPEZ, UTK, RICK, BTYH and so on. These represent value.
I just bought additional 10,000 shares of IDWD at $0.91 this afternoon. I will sell them at +50% gain whenever that occurs (in a few days?). As you know, I have earned over +50% gains on IDWD several times in the recent past ( all lasting only days). This is a beautiful trading vehicle. For example, today it traded between $0.88 and $1.13 that's almost a 30% swing in one day! (volume of over 1.5 million shares). IDWD trade is included in our Acetrader portfolio. I will be updating the year-to-date performance figures at the end of August.
We are up big in 2006 guys...
As per my last note, Acetrader bought XMSR at $11.20 this morning. It is just a bit early but I decided to pull the trigger anyway. However, I bought half of my usual unit for now. The other half will be bought if XMSR goes above $12. Just so you kow, my unit is somewhere between $15K-20K. We all need to understand the unit concept in order to effectively manage a portfolio. Go back (way back) and read my note on this.
If you have been reading my note the last few days, you know that I set up the quick trade for QQQQ. As per the note two days ago, I said to go long (buy) QLD if QQQQ goes above $37.70. Well, yesterday before the close, QQQQ went above the trigger price. We bought QLD at $67.45 and immediately placed a sell limit order at $69.95 (hoping that this will be a quick +3.8% hit in a few days). Guess what, it reached that price this afternoon (in a day!). This is a classical day trade (well, swing trade - overnight).
One important reminder, this QLD trade will not be added to our Acetrader portfolio performance figures. As I have said before, I have a long term investment account (this is the Acetrader portfolio) and a day trade account (quick fire moves that are hard for you to effectively follow through this blog). I am trying to slowly show you what I am doing with my day trade account for your pleasure and for education sake. By the way, with my quick in and out moves, I usually move between $150k-$200K per trade. For example, I purchased & sold 2,000 shares of QLD between yesterday and today. If you have less than $20K (minimum) you should not even bother trying to eek out few percentage points - trading cost will kill you.
Tomorrow, I expect the QQQQ to take a little breather. If it gets close to $39 we will go short (buy QID) for a quick 2% gain for the day. I will tell you how that goes.
Keep adding to EXPEZ, UTK, RICK, BTYH and so on. These represent value.
I just bought additional 10,000 shares of IDWD at $0.91 this afternoon. I will sell them at +50% gain whenever that occurs (in a few days?). As you know, I have earned over +50% gains on IDWD several times in the recent past ( all lasting only days). This is a beautiful trading vehicle. For example, today it traded between $0.88 and $1.13 that's almost a 30% swing in one day! (volume of over 1.5 million shares). IDWD trade is included in our Acetrader portfolio. I will be updating the year-to-date performance figures at the end of August.
We are up big in 2006 guys...
posted by Jaewoo | 9:42 PM
2 Comments:
You did not mention IGLD in your 'value buys'. I am guessing its because of the note you had about IGLD in your AM post.
Anyways, my avg. cost for IGLD was $4.90. I'm planning to let go of it at around $6. Hopefully it will reach that target before the next Q results are announced. Do you think this is a good idea, despite their warning on earnings for the next Q (because of the war).
-Joseph
Matic:
You bought IGLD at a great time. At the worst, you will have no loss trade (do not let it slip below that). But you should not sell it at $6 either. If this hits $6, it will go to $6.75 definately. IGLD will go higher, if you are patient. I am simply asking myself - is there better buy in the mean time? (opportunity cost). I am interested in XMSR & NTE currently for next 6-12 months. Constantly asking, is IGLD better or NTE in 6 months? Hmmm.
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