Winning Trades - WLT, CHK, and JoyG

March 17, 2008 9:18 PM

I had 3 stocks that I said were shorts and or sell from this weekend, Chesapeake, Walter Industries and Joy Global. All three were winners. Even if you simply sold the open on all 3, you were up 4.18%, 4.29%, and 3.31%.

Considering the Dow was up and the SP only down slightly, 4% in a day is nothing to sneeze at. If you would have sold bounces, you would have made more than that…but im simply using the % down for the day…

Ohh and all three were at ALL time highs on Friday….. :o)

Some may think that it was solely because of the market, but the Dow finished positive while both of these stocks got punished.

WLT - down $2.51 (4.29% ) off a high of $59.04. I said to get short this stock in the $60 area AND the low was $53.73. The high was made pretty early…so over $5 profit was possible on this trade today…. 8%.

If i were in this trade today, short term charts would have told me to cover it around $55….although it still looks weak here.

CHK: Also made the high early $47.20 and fell to a low of $45.19. Short term charts suggested to cover the trade around $45.50 if you were taking this as an intraday trade. Down 4.19% for the day.

I will look at the charts again and see if there is another short coming on these and where the number is….but both look lower right now…

I also mentioned that Cramer said long CHK on Friday…I said short it on Friday…. oddly enough…I was right, he was wrong. …so far anyhow. I was a little more cautious on CHK than WLT because I thought his lemmings might blindly buy it today and artificially push it higher…

But i wanted a clear head to head trade against him and was waiting to take him on…on a stock that was blowing and going….. and everyone alive said BUY, BUY, BUY…..I said SHORT it.

That was straight up…head to head…same day calls…on a stock at all time highs. That is what I wanted. My readers are cashing a check and his listeners are writing it.

It isn’t me…I just suggest doing what the market “might” be saying…….

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