Hello all, I just wanted to let you know I want to begin giving an intraday trading update each day, letting people know what I have been doing, how I see the market, and something important to take note of that day. Here is my first entry. Please feel free to provide any feedback.
I came in long a little Las Vegas Sands Corp (LVS), PotashCorp. of Saskatchewan (POT) and China MediaExpress Holdings (CCME) this morning. The S&P futures gapped down 8 handles early, then with the ADP numbers the premarket deficit was cut cut in half. I had a nice overnight trade in PotashCorp off of The Mosaic Company (MOS) earnings. I came in up a little bit, but was hoping for a lot more. So far on this day, it’s a tough grind. I’m currently red on the day, hopeful that there will be a move for me to capitalize on.
China Shen Zhou Minin & Resources (SHZ) looked great for a while, then got hit from the highs back to ~$10. So I lost a little on that one. My best trade was SHZ long early, but because I gave back some I am going to sit back and watch to see what these things want to do. Molycorp, Inc. (MCP) is in a tough range, but rallied $2 off the open, so there was a decent trade in there. I did not catch that one.
Overall the rare earths are a bit stagnant today, nice moves off the open and then nothing for a while. The lesson for today is, “Don’t overtrade!” If you don’t see anything, don’t do anything. If you made money, keep it. I will see what the afternoon brings.
*DISCLOSURE: Long LVS; Short SHZ
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