STLD - Wednesday Recap

I didn't post today as most of the action was centered around the fed decision about the rate cut. Commodities finally hit the rally I have been waiting for and the stocks I have mentioned were up close to 20 % at some point throughout the day. I decided just hold all of my positions and let the reaction to the fed play its course. I'm up over 20% on DRYS, 24% on STLD, and 16% on EXM. Of the three my favorite continues to be STLD. I have mentioned how I think this stock looks to emerge as the new leader in the steel sector and the action today supported my call. STLD was up over 10% on the close where old leaders such as X, barely stayed green. IMO X is dead. After bear markets new sector leaders usually emerge and I think STLD is best suited for this environment and the economy there after. I am carefully watching the 11.57 and 11.67 areas on STLD. If it breaks through these levels it could run and I might consider adding. I just don't feel comfortable buying breakouts in this market and won't hesitate to flip the adds and the rest of my shares should market weakness develop. I have big gains already here and I'm not going to let them slip away.

DRYS and EXM are similar spots not great volume and probably should have sold some today but don't have very big positions here. Again same things apply in what I mentioned on STLD, overall market is going to weigh heavily on these positions. Already have nice gains here and like the long term picture but nothing in this market can be considered anything other than a trade in the current environment.

COIN - Again I jumped the gun on this one but I will give it one more day to get some vol. and positive price action. My thinking here is that many were timid ahead of the Fed meeting, especially with small-cap spec stocks.

APWR- rebounded today and looks like it is going to continue to trade with oil. I like the pattern in the OIH here and will give this one some room to bounce around.

On another positive note, I was able to short some EVC today on the open at 3.30 and cover 2.03 for a nice gain in less than 10 min. Should have posted it yesterday but I didn't think I would be able to borrow the shares and I was even more surprised anyone was dumb enough to continue to buy up over 3.0. It was nice icing.

I did post the trade on thelion.com(Profile: twhit). I post some of my more speculative trades there and am trying to use this as an area to keep up with my market thoughts and positions that can be held at least longer than 10 min. (ha)
Profile: twhit