Wednesday Trading 10/12/05

There are some nice moves out there today.I can't stress how important exits are.I was playing two stocks at once short NEW at 33.52 covered at 33.40, short RIO at 40.25 covered at 40.10 and 39.82. As you can see I exited NEW way to early only because I was larger in RIO.Bad reason to exit a winner.Nothing had changed in NEW and as I stated yesterday I thought NEW would go down to 33.00 and it was also trading below the 33.65 pivot point with good size behind me stepping down.I just had my focus on RIO because I had a larger position.Anyway I'll have to improve on that,and monitoring two positions at once.I get used to trading one at a time,but as every trader should do I need to step up my game.Winners were +.15,+.47,and +.10...had a small loss in A earlier for -.06 and another winner in RIO earlier for +.10 and +.18...Good Trading SPZ5 futures are trading in the 1185 to 1190 area below support.

Update: NEW finally broke down again shorted 33.03 covered 33.82 +.21

I'm very surprised this thing is still above 30.00,insiders have been selling hard lately.I think this company has a lot of problems that they try and cover up.Just my opinion.

Update: Wow,another early exit on NEW,that things just getting hammered.Couldn't get short that time.