Friday was a bliss for swing traders on short position. The markets were down due to a dismal 18,000 net gain in new jobs in June, while forecasters anticipated higher in the 125,000 to 175,000 range. Investors feared that the economic recovery has stalled, and more than 14 million are left unemployed.
I shorted 600 Rio Tinto shares (NYSE: RIO) on Thursday, and cashed-in with the fall on Friday.
chart credits: Google Finance
In retrospect, trading RIO was a wise move, with share prices in the year-to-date chart indicating an oscillating trend between 65 and 75 a piece. Currently, RIO stands at 72.72, near the midline.
Elsewhere, the account ranked #26 on the virtual contest from a total of 262 portfolios. It's great to know that I still have some trading chops left, and this portfolio is off to a great start.
No comments:
Post a Comment