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18 Aug

Thursday August 18, 2011

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Heading into today I have 3 longs and 1 short.

Long

GRHU is starting to see some volume again and it’s just under my entry. With resistance at $.82 and $.84, support is at $.67. Goal is to take profit if is spikes above resistance. Hopefully this volume will continue to build, not diminish.

OXGN held the $1.40 range again so I’m inclined to wait it out until it either falls below that support on a regular basis or jumps for profit. Looking at the chart, it has support at $1.40 and resistance at $1.63.

GLUU didn’t fill me at $3.10 Wednesday, but judging by futures it appears it’ll drop today. With support at $3.10 and $2.90, I’ll look to pick up another set of shares and then sell my entire position if it breaks $2.90 support.

Short

Took a fairly large position shorting EK right at the close Wednesday and it’s proven to be a BIG mistake. Here is what happened. The PR Wednesday morning by Bloomberg appeared to be fluff, simply suggesting EK patents were worth money and they ‘might’ be looking to unload them. So as you know I shorted it successfully during the day. Then I decided (based on previous chart action) EK would likely come down Thursday and Friday. But in AH, the WSJ reported EK is actually looking to sell off patents and the stock spiked on me 7% in AH. I’ll be looking to cover that position this morning for a big loss and it’s a good lesson to all… DO NOT take big short positions overnight.

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