I was only trading stocks that had the letters C, R, and M, in them. :-)
I had a lot of stocks on my watchlist today, as many stocks were trending up to break-out range. I had VAR, CRM, BRCM, ICE, VRTX, NDAQ, and maybe a couple others I don’t recall right now hitting their break-out points. VAR and CRM hit theirs early, and held their gains. That was a great sign, even though I was really worried about a rough “up” day after a +120 day like yesterday.
A little later, around 10ish, BRCM and NDAQ triggered for me. I couldn’t stomach BRCM at that point… it had done nothing but go up. In fact, it seemed like everything had done nothing but go up. I knew my market order would be the signal that triggered a massive market correction. :-) So, I waited. NDAQ reversed. BRCM sort-of stalled out after running a little. Meanwhile VAR and CRM continued to run.
So, I went into scalp mode, and cought 0.58 R off salesforce.com, inc (NYSE: CRM) as it passed round number 43.00. Then I grabbed 0.25 R off Broadcom Corporation (Nasdaq: BRCM) as it passed round number 32.00. BRCM reversed shortly afterwards. Further, VAR and CRM started giving back a lot of their gains from the morning. I was going to be very careful about further breakouts.
Luckily, it didn’t come to that, because my internet connection went out. So, I took a walk (nice weather today!) and listened to my iPod for a couple hours. I did see the closing hour, with a renewed internet connection. IntercontinentalExchange, Inc. (NYSE: ICE) had just run through my target, and it was too late to get in. But, it reversed and went nowhere but down into the close. A braver me would have shorted it, but I’m happy with my 0.83 R.
Sorry no charts… but these were uninteresting scalps. You can see them (and all my trades) on StockTickr Chart Review, if you want. Hopefully tomorrow I will find a more interesting trade to make!
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| CRM |  |  |  |
| BRCM | | | |
| ICE | | | |
