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October 8th, 2007 by eyal | Filed under Day Trading. |
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Not much action today. Market tone was lackluster to say the least, that is till the close. Probably partly because of the banks holiday (Columbus Day) and partly people are waiting for the earnings season later in the month. I traded UCBH and COGN. UCBH had an announcement call mid-day (at 11 EST) which is weird, Dave tried to find out from them where we should put the stop but I think the word ‘stop’ wasn’t part of their corporate speak for the day ;-) Anyway, UCBH eventually didn’t work (a China stock again) and COGN did ok, I was a bit cautious and had a relatively small position due to a wider stop. The end P&L is +1.2R.
Funny, those are the exact 2 stocks I traded… and I think OONR7 also traded COGN. There really wasn’t much in the way of candidates today. I thought the action on both UCBH and COGN was a little strange, so I wasn’t even happy with those.
Yeah not much was moving, had a few other candidates but these ones barely met the minimum requirements. Hopefully later in the month we’ll see more action.