Horrific day for the bulls – the worst they’ve seen this year. I actually thought we’d see the market bounce today and that the bear’s resolve for a fifth straight day in the red was not in the cards. I managed to close out a few trades today including a long position that gapped up nicely in Arena Pharmaceuticals (ARNA) at $3.23 for a 2.4% gain.
My two short trades that I got rid of was Progress Energy at $51.83 from $52.42 for a 1.1% gain. I had held on to that one for a while and had been in the red for most of the time I held the stock so I’m just glad to get out with a profit. My best swing trade was Universal Display (PANL) that I shorted about a week ago at $36.15 and covered today at $33.98 for a 6% gain. Finally, I closed out my TD Ameritrade (AMTD) short at $18.70 from $19.46 for a 4% gain since last Friday.
All in all, not a bad week’s worth of trading, but I’m not going to continue risking the weakness to the downside. I’ve got a couple of long positions, and I’m probably going to add WLT from the list below before the close.
LONG: PPL Corporation (PPL) – Pure bounce play – lots of support and tight stop here.
