12 May

Friday May 13, 2011


Commodities were getting hammered early on as the dollar strengthened but the day ended up playing out better than expected when silver turned before the market opened. Heading into Friday I have 5 open trades, all which I hope to close out over the next few days.

Chat room day trades from Thursday…

We nailed JAMN in chat today and I think several traders and I cleared over a few thousand dollars each from about 3-4 successful flips. Luckily, none of us were in when it tanked about $2.00 in an hour or so. We also flipped JBII for a quick profit. These trades happen super fast, often in less than 5 minutes so please understand they can’t go out by text and email or you would be buying when I’m selling. Anything I plan on holding over an hour will always go out by text and email.

Closed trades from Thursday…

As you know from my text and email, I sold TBBC for profit despite thinking it might be a large promotional campaign down the road. My reasoning is simple, today’s light selling and light volume are too big of a risk considering the nature of this play. It would be a different story if it were trading slowly $.20 higher than my entry but it wasn’t. All it would take is one big market order to flush it and that’s not worth the risk for me here. I bought on speculation, added into strength and sold off into weakness near my entry. If it gets liquid again I’ll consider buying for a 10% trade.

Open heading into Friday…

GPL almost ruined my morning or I should say silver. After brewing a pot of coffee, I check futures and damn near fainted when I saw silver getting crushed. Luckily around 8am EST or so it turned back up and GPL climbed all day long. Remember, the alert was $3.22 when I picked up 8k shares so while most of you were green by midday, I was still down because I averaged up into the close Wednesday with 7k more shares at $3.30 – you know, my go big into strength tactic which calls for averaging up once I believe I’ve nailed the bet. Anyway, today I decided to give those 7k shares back leaving me with my original 8k shares but now my average is $3.29 because E*TRADE sells of lower entry first. Silver dipped a bit into close with profit taking as expected after climbing all day.

I have 25k shares GSTPE at $.21 and still might add this in my challenge account bidding $.20. I’m banking $.20 is support and I’ll look to sell around $.25 – $.27 depending on the volume if and when it moves.

Still swinging 5k LOCM at $3.75 and it appears that will become a short term trade into next week as I expected. I’m confident I’ll see the $4’s to $5’s in the near future so outside of being bored with the trade I’ll probably sit tight until it starts moving up again.

My 3,790 shares of ANIK at $8.08 were actually green today at one point when it hit $8.10 but it closed down a bit at $7.85. Still hoping to turn this into a green trade and no immediate reason to sell so I’ll wait it out. Ideally I’ll get $8.40 on this one tomorrow or into next week.

Finally, riding 15k PEIX from today’s alert at $.47. They had excellent earnings in my opinion and I think we’ll see this stock climb over the next two weeks. My only regret is not adding it in my challenge account too. As I type right now, shares are trading at $.50 so barring any major changes between now and tomorrow morning we’ll all be green when the market opens on this one.



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