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6 May

Friday May 6, 2011

by

Yesterday seemed to be a continuation of Wednesday for me but then I broke out of my funk literally seconds before the close.

First, ANIK dipped as expected so I grabbed 970 more shares at $7.47 leaving my new average $8.26. As I mentioned before, it’s not often you’ll see me buy just for earnings unless I’m positive I’ll win. There were other catalysts in play for ANIK so this will now become a short term trade with a goal of $10 per share. There is an FDA catalyst coming up inside 60 days so I hope to see some run up between now and then. Additionally, this stock has gaped down before, about $1 back in February from $9 to $8 and within weeks was trading in the $11 dollar range. This will just require some patience from me – not my strength in this game.

Attempted a day trade on LEE in chat at $1.22 expecting continuation. Picked up 20k shares and it proceeded to dip immediately. Set my stop limit order tight at $1.13 x $1.12 and within minutes I was stopped out. Price then continued up the chart. This is why I think stock limits are dangerous and I’m not happy about that execution. A quick sell off can do that to stop limits so make sure you calculate what the range is. Just the same, I wasn’t going to make it a 10% stop on a 20k position so it is what it is – just picked the wrong entry point is all.

Still accumulating GSTPE at $.21 on the bid and still won’t chase the ask or raise my bid. Just slow and steady accumulation at $.21 or lower if the next bid down drops to $.19 etc… filled about 14k so far with a goal of grabbing 11k more today. Goal is to be in before the next leg up during this sideways trade pattern.

Finally, I’ll point you to this blog post for some legitimate stock warfare that took place right at the close on DMD. It’s not my normal type of trade I know… but you’ll see me do this from time to time and even though it’s not something I can alert – you certainly can learn from my strategy and apply it down the road.

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