I had my arms around a huge position in this stock…

I am long and short. Both sides of the coin are covered.
The key to
failure and success is having the ability to trade around your
positions. It is part guessing and part art. Trading patterns over the
course of a day provide a different perspective. Semiconductor stocks
are coming in right now and that is not at all a bad thing. It actually
provides a chance to buy leading stocks at lower price points. I failed
yesterday because I did not trade around the right stocks. If I loaded
up in SIRI then a bundle could have been made. Like a magician playing
a trick. An optical illusion… It is what it is. I learn from failure.
I read a quote the other day from a service that provides me a decent
morning piece. I wish they delivered it at a reasonable hour. I get it
near the open and would rather have it at around 7am. Anyway I use it
for the quote of the day. I like reading good quotes. It helps keeps
things in perspective so here is a quote from that famous comedian
George Burns, and I am taking the liberty to paraphrase: “It is better
that a human being fails at what he loves than succeed at what he hates
to do.”

Stocks that I succeeded in
trading around yesterday I will get into right now. One I did not trade
around and should have and came oh so close to and pulled away at the
end is
(
SIRI |
Quote |
Chart |
News |
PowerRating). I will get into that stock and examine its performance in
a moment. I will also get into
(
MEDI |
Quote |
Chart |
News |
PowerRating) back on my focus list and involved
in it once again. Another I wish I added to and will watch closely to
do just that is LF. I failed to add to that one. Another failure to
learn from. Great traders learn the nuances from every mistake made. I
have been at this for 20 years and am still learning every day. Lets
get into a few stocks that if played well will provide profits. Fatten
your wallet. Sink your teeth into after feasting your eyes on the
following charts.

Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) 27.87

I added to
the position yesterday but did not make a big bet on it and I should
have because the stock traded well. The volume is not there. Just not
that exciting right now but a smart steady upward pattern is enabling
HPQ within striking distance of its yearly high. It reached 27.98 on
9/9,just a few days ago before pulling back. It is closing in on 30 and
that nice round number will give it a stronger and more substantial
feel. Think that is wrong? I just let the price pattern tell the tale
and just simply stay with the trend. A weekly chart gives you a better
sense of the future direction of the stock. It is extended so I would
not buy aggressively unless it broke above 30 and it is at that time
that I will make a big bet on it if I am present when the move happens.
Today, a break above 28 would compel more buying power into the heart
of the potential bottom in the overall market market. The action
expressed in HPQ tells of more upside to come. It is extended. It is on
a tear. It is threatening to tear harder. Place the stop at 25.45.

Sirius Satellite Radio
(
SIRI |
Quote |
Chart |
News |
PowerRating) 7.34

I had my
arms around a huge position yesterday and did not pull on the trigger.
Gun shy. I let the negative action in two other stocks dissuade action
on my part. That was my failure. Not to pull the trigger when I had my
arms around it. There is an art to scalping as to playing a swing. To
adequately perform both methods are necessary. I failed to scalp a bet
on SIRI yesterday and that kept the performance down. That is the gist
of it. I use the pennant race as an excuse for the lackluster
performance on my part. I am still in denial about the possibility of
the Yankees failing to make the post season. That must be it. I like
the action in SIRI. I have a big position in it already. I could have
had more. It will watch carefully today. Now it is worth waiting to see
if the stock can rise above the previous near high made on 9/9.  Place the
sell stop at 6.79.

United Online
(
UNTD |
Quote |
Chart |
News |
PowerRating) 13.80

I did trade
around this stock yesterday and held all the shares bought over night.
I think I will keep this for a while. It is in a lovely advance and it
pays 6% a year. That is right it pays a dividend that amounts to 6% a
year. Not bad. And the stock is in a nice advance and of course that is
the main reason for getting involved in it. It is trading nicely and is
in the midst of a steady rise filling a gap that occurred way back in
August of 2004 when it dropped from a price of 15 to 11. It
subsequently bottomed at 8.51 in April 05 at which point the stock
began to build its base and that base has now evolved into quite the
advance. Look at its chart and check out the favorable odds. Place the
stop at 12.25.

MedImmune, Inc,
(
MEDI |
Quote |
Chart |
News |
PowerRating) 30.67

I bought
the stock yesterday. Bought it after it broke out in heavy trade. Just
noticed the action in the stock yesterday having owned it in the past
and noticed that the level of trade way above the place where I sold it
last year. Being curious I looked at it closely and consider the risk
at this point manageable over the intermediate and long term. Anything
can happen near term after a break out. It pays to have some of it on
the books. MEDI traded up to its new 52-week high yesterday before
backing off to close at 30.68. The stock traded in decent volume
confirming the original breakout several days ago. This stock is
finally getting into gear after building a long narrow channel. Its
beyond the top of its base now and is ready to make a run toward the
34-35 zone.

Leapfrog Enterprises
(
LF |
Quote |
Chart |
News |
PowerRating) 14.88

Here is
another stock that I don’t have a big enough position in.. Still glad
to at least have a position in this stock right now as it is getting
into a higher gear and is set to challenge higher price points. Place
the trading stop at 12.85.