Pre-open 08-02-2006...

Boy, yesterday I blew it, huge mistake. I was late closing the PWR trade and let it ride overnight. Earnings will be released before the open and I still have a 1/2 position open. I got distracted at work (dang manual labor) and missed my afternoon trading window. The trade is no longer about targets, stop losses, and managing risk; it's up to the gods...

I was considering closing the PNRA trade yesterday morning as well. It just does not 'feel' right and I think I rushed the trade. It was down signficantly after hours but only on 5411 shares traded. In reality, Yahoo! shows it down $0.60 on the final trade at 6:17pm whereas Nasdaq.com shows it down $0.20 at 4:01pm. I think Yahoo is likely correct, but maybe not... My guess is a weak market will force me out, but I may get a bounce if the market cooperates. Additionally, PNRA was not down as much as its sector according to Yahoo!, so maybe the trade will last. Time will tell...

As for trades in the morning, I'll have to wait for the PWR numbers and re-evaluate the position. Most likely I will close it either way. If they results are better than expected, then I'll take the money in run. If they are worse than expected, I'm up >7% so I have some downside support and I'll cash out. The tcl/tk script returned 146 charts. I am not going to go through them and just wait.

Lesson learned yesterday and today the lesson may be even harder. At least it is money that can be lost in the pursuit of the ultimate strategy! :)

For now,
Masterjaz out