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Taking Action

I’ve now put together 12 positive days out of the past 13, some pretty nice some barely positive, but positive in 12 out of the last 13 nevertheless.  Although this sounds like a great stat and don’t get be wrong it helps build confidence but I’ve left a lot on the table.  Leaving a lot on the table will come to no surprise to you if you’ve read any of by previous blogs where I lament about my prior trading issue’s, but, this week has been pretty brutal.

I’m cutting myself some slack since it’s the first month of the year and I want to get off to a positive start, but, my lack of taking intelligent risk is getting to be disturbing.  I have been long CSCO for some time, since $19.54 to be exact, once I saw the technicals turn bullish and I’ve taken the entire position off at $20.54.  CSCO is now pushing up towards $21 and I’m just watching and praying for a pullback.  CSCO has been beaten to shit and I was waiting for a bullish article for the catalyst to get it moving, which I got, thanks to barrons, and instead of adding to the pullbacks I have sold on anything strength.

I’ve been talking about VZ being a short into the CES Keynote for a week now as the technicals are indicating that the stock was extremely overbought and the Verizon iPhone was priced into the stock.  I was hoping to short the exhaustion move today but it never happened, the stock got crushed today as traders took profits into the announcement that didn’t even happen.

Overall, I’m pleased with my trading but I do have to start taking action on my ideas.  Moving forward, similar to how Dean, Schwartz, and Jeremy trade, once I have an idea I’m going to put a small position on just to have it on the book and keep an eye on it, this will give me a feel for the name and more confidence to get big in the name when the time is right.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.