Thursday, April 15, 2010

Just another up day

Bad job numbers to begin the day but the market just chugged higher. There is no point in talking about any technical levels at the moment as the market is going to respond to earning reports. As an interesting side note, the markets are not overbought right now but another couple of green days, and we might reach overbought levels on NASDAQ.

Personally speaking, the day started on a bad note with NEP delaying its annual reports once again. Did not see this coming. Poor show indeed. I have owned this stock for over 2 years now in my long term account (see "introduction" under label) and the management has had a history of underpromising and overdelivering. So, all this accounting mess in the last month or so has been surprising and discouraging indeed. I would have loved to sell the shares I own in my trading account (this blog is all about this trading account) but unfortunately, my broker does not offer pre market trades. The bottomline - I still own it. For the uninitiated, this is the only stock whose fundamentals I am aware of. How did this happen?? Read my introduction!

Apart from the above, I had a pretty decent day. My other overnight position, PAL did well today. Since I didn't have time to watch the markets in the first couple of hours, I had placed an order to sell half of my position at 4.95. This had turned out to be quite a big position as I had added to it yesterday. Later on in the day, I added SWC, another Palladium play, at 16.73. As I was a little too heavy on Palladium now, I sold my remaining PAL position at 5.16, for an overall profit of 4.76%. 

I still like the Palladium plays here and will post on them later tonight.

Take care and good luck tomorrow.

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