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Thursday, November 15, 2007

Hedging My Bets

First off, I got stopped out of ETFC at $5.85 for a nice overnight trade from $5. The stock had trouble breaking $6 and volume was light until the selloff where people were locking in gains. I rebought during the day at $5.70 and got stopped out for a small loss at $5.67 while it closed at $5.54. I decided not to reinvest due to the lack of buying volume and the fact that $6 wasn't even broken besides the first tick. I think it'll retest $5 before it breaks $6.

Went long on the short ETFs SKF and FXP. Nice gap up selloff in FXI at the open which broke $190 support and became excellent resistence during the day as I expected. $186.50 offered some support until the late day selloff. There was a small bounce however at the 50 dma to close at $187.01. I'm expecting another leg lower for Thursday in the market. The financials couldn't rally past the $85 support level in SKF while the 20 dma served as a seesaw during most of the day. The $88 level held as strong support, but the volume during the selloff was lighter than I wanted. I'll have to watch the volume carefully to see if the sellers are going to take control or not in the financials.

I bought HLYS at the end of the day after they released news that they won a patent infringement case. Immediately after the news, there were a few block purchases totalling about half the volume for the day. I got in at $6.74 which was dumb of me since I forgot to trigger a limit price. I paid the market and overpaid 14-19 cents/share. I think the first level of resistence will be the 20 dma at $7.40 and then the 50 dma at $8 which coincides with a gap. My stop is at $6.50.
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