Monday, September 8, 2008

Fannie Monday

My catalyst - Ike entering the GoM - was predicted by the models before the open, so I closed the trade. In, 69.50. Out 75.01.

For a while, I've been watching the $BKX. 75.09 is the 38.02 retracement off the lows of July 15th. It also falls along a one-year trendline. 80 is the bottom of a channel that runs all the way back to 1991, violated in March of this year.

You really have to take a shot at an entry like this. I didn't know an appropriate level to bid for SKF, so I tried and failed at 90. I thought someone might throw theirs away in panic near the open, but it didn't happen.

Noting that RTH cleared a triple-top going back a year. A pullback would be a good spot for a defined-risk entry. I already have a half-position on with a much lower basis, will be looking to add to it.

Got hit, 100 more at 98.16. I arrived at that entry by looking at the 5-day. This would've filled the gap from Friday.

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