Closed on DRYS and YRCW

I closed out my entire positions in DRYS and YRCW at $4.72 and $0.412 respectively. Both of these positions I bought higher than my sale price, but I went against what the "experts" say and averaged out my costs when these two stocks went to absurd levels of $3.71 and $0.16 respectively.

I was able to reach a point in which I made gains on each stock, which was 5.1% on my entire DRYS trade and 32.9% on my YRCW trade. This set of trades was not an easy road as some of the others I have engaged in. Here is a sneak peak into my timeline:

*Began purchasing DRYS back in Oct 2009 - Dec 2009 timeframe between $5.86 and $6.29
*Bought my last block of shares late Jun 2010 at $3.71.

*Began purchasing YRCW back in May 2010 between $0.43 and $0.47
*Bought my last block of shares late Jun 2010 at $0.162

YRCW is B-A-A-A-A-A-CK

I got back into YRC Worldwide Inc (YRCW) on Wednesday at 0.47 and looking for a nice move back up into the 0.70's range or higher as investors digest the recent quarterly earnings report. The market is shaky especially with yesterday's large move down, so I don't have a timeframe for this move, but will look to pounce at the first opportunity

Keep on Truckin'

I closed out my final lot in YRC Worldwide INC (YRCW) in the pre-market this morning. I sold my last 500 shares @ 0.7411. This stock has had a nice run since I bought additional shares around 0.48 and the technicals have reaffirmed my decision based on the doji pattern at top suggesting some exhaustion and the overbought conditions in the stochastics. I will keep this stock on my radar screen.

The Other White Meat

I picked up some Smithfield Foods (SFD) on Friday near the days close at $18.56 and it was trading in afterhours around $19.24. According to Smithfield reports on March 12th, they were able to bring in $37.3 million for the 3rd quarter ending Jan 31st, which equates to 22 cents per share. I'm encouraged by the renewed interest in China and Russia to import U.S. pork, which in my opinion could only help Smithfield.

I'm also back in a extremely speculative play with YRC Worldwide INC (YRCW). I picked up a large block of shares at $0.48. I'm hoping to take advantage of a small move up in the stock within the next few weeks. According to a bizjournals article there are positive signs that freight customers are returning and continued layoffs within the company are expected, which suck in general, but help with the company's bottom line. Time will tell.

Time for Consolidation

Yesterday, I sold my Jan 2011 $55.00 call in TEVA Pharmaceutical (TEVA) at $7.75 for a 28% gain. I'm trying to consolidate some of my positions to free up cash for some larger moves in the near future. During certain times of the year, I'm involved in 15 - 20 different stocks, puts/calls, etc, which is a hassle to keep track of at one time.

With my recent sell-off, I have narrowed my number down to six and will probably eliminate another two, which are American International Group, INC (AIG) and YRC Worldwide, INC (YRCW). These were both purely speculative plays, which did not pan out, so it's time to get them off the books.

YRCW

During yesterday's unexciting market I sold some additional shares of YRCW Worldwide INC (YRCW) at $4.27. I only have 100 shares remaining, which are supporting my Oct $5.00 covered call I sold earlier this month.

Tomorrow's Trades

I will be trading from home tomorrow and definitley very anxious to see how my play in Adobe (ADBE) and my 2X short positions in SDS, DXD, and QID play out. I'm also keeping an eye out for YRC Worldwide (YRCW) and Dryships (DRYS).

I just read a basic online trading book this weekend from Christopher Farrell "Day Trade Online" 2nd Edition. I enjoy reading trading books and delving into ways other traders view and trade the market. The book is pretty basic but reminds us how important the bid/ask really is and how influential the market makers and NYSE specialists really are, so try to be with them rather than against them when entering/exiting trades.

Anyhow good luck to all and if anyone is reading this blog and wants to comment on stocks they are watching tomorrow or books they would like to hype then please comment.

Keep on Truckin'

On Friday I purchased some shares of YRC Worldwide INC (YRCW) at $4.39. Let's see if lower gas prices and the summertime will push this stock upwards.