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22 Jun

Thursday June 23, 2011

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Closed out 3 profitable trades Wednesday and since not all of them were alerts by text and email I’ll detail those real quick before going into my open positions.

Monday we banked big on my bid buy SHMX seen here. Tuesday I bought 40k SHMX again right at the close suspecting it wasn’t done yet. Sure enough Wednesday morning saw another surge and a few members and I in chat took profits on the way up. That trade will be imported tonight.

My short on CBOU worked out better than expected after I grabbed $1.5k shares at $12.64 Tuesday and sold today at $12.04 for over $900 in profit. We’ll discuss this trade in class Thursday night and how shorting stocks is the perfect compliment to my warfare strategy.

GLCH had the perfect chart setup heading into Wednesday which is why I bought shares right at the close in chat Tuesday. After and early move up to $2.47 it was obvious that big money wasn’t going to drift back into the stock so I alerted chat it was time to move on and worked my way out of the trade for $100 or so around $2.42 on the way down. This is a good lesson in why technical analysis only matters if volume is present, thus volume precedes price.

Quick flip of RENN failed in chat but by working together and using the mic we were able to limit the downside to $.01 per share – a perfect stop loss if you will.

Heading into Thursday I have 6 open trades (4 long and 2 short)

75k XSNX at $.07, current $.067, goal $.10, stop $.05. This is a strategic bid buy like SHMX was.

125k GSTP at $.14, current $.102, goal $.19, stop $.08. Like SHMX, this is a strategic bid buy and so long as $.09 – $.10 hold up I’m staying in.

10k COOL at $3.18, current $3.12, goal $4, stop $3.00. Still like this trade a lot and happy to see the tape get hit a bit in after hours pulling it away from $3.

3k LCI at $5.41, current $5.45, goal $6.00, stop $5.00. Playing FDA’s is gambling and I like to gamble from time to time. PDUFA is Thursday.

Short 2.5k ORS at $4.04, current $4.21, goal $3.00, will add on a spike. Very few buyers left on this stock and I’m hoping it collapses into Friday.

Short 40k SHMX at $.205, current $.212, goal $.10, stop $.25. It couldn’t break $.25 Monday – Wednesday so I can’t help but think it’ll pull back to end the week.

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