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.