Swing Trader Pro: Afternoon Briefing (05-02-2023)

JC Parets
May 2, 2023

From the Desk of Kimmy Sokoloff

The market took a decent dive early today, but after lunch time we saw a decent bounce. Perhaps it was short covering.

We don't know which way the market will go tomorrow after the Fed's interest rate announcement.

Time will tell.

Here are today’s trades:

  • I shorted $XOM on May 1 at 114.92 and covered today at 114.40. It really dropped today.
  • I shorted $META at 242.05 and covered at 240.68.
  • I shorted $PYPL at 73.60 and covered at 72.78. I called this out in the room at 74.50.
  • I shorted $JPM at 140.20 and covered at 138.40.
  • I bought $UBER at 35.11 and sold at 35.43. It popped to target at 35.70 after I sold it.
  • I bought $MS at 85.70 and sold at 86.18.
  • I shorted $LLY on May 1 at 402.50 and today at 406,02 and covered all at 401.

I booked multiple losers:

  • I bought $JNJ at 164.90 and sold at 164.44. It did run to target at 165.48, but I didn't get filled. Only one person in the live trading room did.
  • I bought $XOM at 110.30 and sold at 109.40. It did eventually bounce.
  • I bought $JPM on May 1 at 143.30 and sold today at 140.
  • I bought $W on April 25 at 37.10 and sold today at 32. 

I have open long positions in $HES and $VXX.

I had to cut losses on trades I had on that weren't working. I did reverse a long trade into a short.

On a day like today there are lots of opportunities for short trades. I did call out quite a few in the live trading room.

But, as we know, shorts are very difficult. And they're hard to recommend.

Have a great evening. Look for the Morning Briefing on Wednesday.

And please reach out with any questions.

All Star Charts Team

Filed Under: