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1 Jun

Thursday June 2, 2011

by

Well the markets took a beating today and not much was green. Shorting will be added to the website very soon and would have gone over well on a number of plays today. Anyway, despite zooming in on OREX in the premarket and WEST in the afternoon, I honestly couldn’t find anything worthy of a short term alert, hence no texts or emails. I have 3 stocks heading into Thursday, here are my thoughts on how I’ll trade them.

Nothing has changed on GSTP. I have 25k in my challenge account at $.13 and 65,711k in my main account (25k @ $.21, 25k @ $.12 and 15,711 @ $.115) with an order in to buy 9,289 more shares at $.115 or so.

MOBI took a major turn for the worse today and it’s a good example of what can happen when I don’t stick to the plan. My first target was the $9.50 range and when it hit $9.48 Tuesday I got greedy and wanted more. With 2k shares at $9.05 I’m looking to give MOBI once more chance to bounce off the $8.10 range where I intend to buy 2k shares which will bring my average down to $8.57. At that point I’ll keep a real tight stop on it meaning if it doesn’t reverse I’ll be forced to cut my losses and move on. Goal at this point is to break even and it’s going to take some crafty trading to pull this off.

Finally, at 3:45pm in chat I announced buying 55k MSMY and I think my average is $.13. No text or email alert was necessary because it wasn’t moving at all into the close and I didn’t want anyone rushing to buy a stock up quite a bit already. Look it over and email me if you have questions tonight or tomorrow morning. At first I only bought 30k shares at $.135 and considered sending a ‘starter position’ alert. But then it dipped right away so I grabbed 25k more at $.13 before it closed up at $.128 leaving me down $266 on the trade so far. It’s a risky trade and one I don’t plan on holding for long, but the chart appears pretty bullish and with a market cap of 4.7m, maybe I’ll get caught up in a big runner this week. Goal is 10% from entry as always.

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