Thursday, December 10, 2009

P/L $218 on 1300 shares and 1 contract


Today was a fairly choppy day in the morning. I didn't see any good setups in the stock indices today, so I looked for what was moving. AMZN and the Oil sector were IN PLAY today, so I looked for setups in those. I traded smaller size so I could average into my XLE trades. GS was the stock of the day after the news came out on them, but I didn't trade it. I prefer lower priced stocks that I can average into when the market is slow.

I noticed relative strength and momentum in AMZN so I took a long on it initially and then a short later on when I got a sell signal on the ES.

$70 was good suppoert/pivot on Crude, and the Euro was also looking to bounce, so I got a quick scalp on QM. ( I traded QM over CL today because I wanted to reduce my risk today on account of the lighter trading volume)

I took trades in XLE to the Long side when I noticed Crude was setup to bounce.

Goldman Sachs - Stock of the day

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