Good morning! Asia traded sideways, Europe is up this morning as are futures. Index futures S&P 500 are up 5 points, DOW 45 points and the NASDAQ 11 points. Seems there’s some hesitation ahead of the EU leaders meeting this weekend, we’ll just have to play it by ear.
Plans for GLUU are as follows.
Alerted at $3.10 after buying 5,000 shares, the idea was to ride Apple earnings to $3.45. When Apple missed I should have alerted a sell first thing and move onto other trades. I didn’t so now I’m working out of the trade, best I can. Learn from my mistake, when catalysts don’t develop, move on! I make mistakes too though, I’m not perfect.
Thursday’s premarket video talked about how I was watching $2.90 support and that it must look like it was going to close below $2.90 for me to be concerned. See support is only broken when the market closes below it, intraday dips only weaken it. Anyways, a rally from $2.65 took us right back up $.25 to $2.90 at the close. I’ll be honest though, it was a bigger risk watching it down at $2.66 than was necessary. Especially after making $1,200 on this one last week from $2.66 to $3.07, really frustrating to give it right back.
I had a bid in at $2.65 and announced that in our Skype room: JasonBondPicks. The dip only hit $2.66 so I didn’t fill but I decide to swing 8,000 more shares at $2.75 and $2.82 (3,000 shares I bought by mistake and sold later).
Today if the markets can rally a little we should be above $3 meaning, if you followed my lead, you will be green on the trade. Remember, GLUU has a beta above 2, so it’ll move faster than the market in either direction based on it’s history. Read my blog post, “What Does Beta Mean?”
If you only bought on the first alert at $3.10 don’t panic, there’s a chance you’re even still today, or better if you go long. We just need some help from Europe.I may or may not hold my GLUU trade through the weekend, it just depends on what type of news is coming out of Europe. I’ll do a new video this morning.