Monday, May 3, 2010

Update

Today I wasn't able to be at my desk today because I was attending meetings to apply for summer internships in my area. I visited Scottrade, Edward Jones, Fidelity, and TD Ameritrade.  However I have been facing a problem. The majority of these firm have internships which they gear towards individuals with a degree, who they can train throughout the internship in hopes of hiring them when they complete the program. Me being a 2nd year college student, with no experience in the finance industry (other then my trading) fall behind these other people. Also a lot of nationwide firms want you to apply for internships and jobs online. I think this is absurd. How can you judge someone by a screen? Also, how much effort does it show that you created a profile and clicked "apply" for a job? At least in person they know you were proactive enough to get off your ass and get yourself to the office. Hopefully I will be able to find someone who will let me intern despite being a current student. All I really want is to learn. I don't need a salary, I don't need to be promised a job (although that would be nice), I just want to surround myself with people who know the industry. Is that so much to ask?

Anyway, back to trading.
After suffering my loss from GS last week, I closed most of my trades and now only hold positions in IMAX, SIRI, and GMCR in hopes it will rebound a little bit before expiration. I have also purchased a hedge on my IMAX play to protect myself from a further move to the downside.

Three stocks I have been watching closely are IPI, FLS, and GDX.
Here's a 15min chart of IPI, below is an hourly chart to give you the big picture. IPI didn't hit off its support but it looks as it might trend up further. I am watching IPI to make a long position if it breaks $20.
















Hourly chart
















FLS hourly chart. Dipped quite a bit below the 116 mark before popping back above in today's trading session. Still watching, no opinion yet.
















GDX hourly chart. Bounced off 51.30 which was also bounced off of back in January. Not ready to enter this yet. Moves to the downside are not as strong as moves to the upside in this stock. I had entered a put trade in GDX last week but sold once it crossed the 51.30 level. This will probably turn out to be a profitable trade but I have no problem with the loss I took.
















Have a meeting tomorrow at Morgan Stanley and again at TD Ameritrade. Wish me luck! :)

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