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15 Sep

Thursday September 15, 2011

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Really nice win on STM yesterday, and while I’d have liked to hold it long term…I’ll take the win and pick STM up again if it dips. My short call on CWTR didn’t fair as well and because I don’t like holding shorts overnight I closed it for a loss. I think CWTR is due for a correction, so I’ll short it again today.

Weekly jobless claims, August consumer prices and the Empire State Manufacturing Survey for September are all due at 8:30 a.m. Eastern. At 9:15 a.m. Eastern, industrial-production and capacity-utilization data for August are due, while at 10 a.m. the Philadelphia Fed Index for September is set for release.

LOCM is back to even and the chart is still in play. A break of $2.70 will signal a reversal for me so that’s where I’ll exit if we don’t get that squeeze and it turns down. $3 has been resistance, so a break there on any good news should open it up $.50 per share. My sell order is in at $3.55 GTC.

AOL is having a hard time holding the $14 range and I have concerns it’s going to drop, so I’ll be watching very close and cut it loose if necessary. I’d like to be in this one regularly when there are good trading opportunities but a break of $14 is not a good sign. Yesterday $14.25 support broke and then it tested $14 but quickly bounced above it. Each test makes support weaker so I won’t be so liberal about another drop down there.

CNTF needs some news to reverse the trend, otherwise a break of the $2 range and I’ll double down and then stop out if it continues. I do plan on adding another 5k before giving up on this trade, but $2.16 isn’t where I’d like to do that based on the chart not showing signs of reversal yet. I’ll keep you posted, but unless something crazy happens I’ll be adding before selling.

AAGC is a mess and at this point I’d love simply to break even, but ‘wants’ don’t move stocks. I’m watching close at this $.60 range seems to be holding and will possibly average down, although considering the sell off I’m not sure that’s wise. As I said before, I’m done playing these promotions cause they’re hurting me more than they’re helping me. There just aren’t that many LEXG, JAMN and ALZM’s out there anymore and speculating on the next one is just that, speculating and it’s not working so I’m done with it. Instead I plan to short the shit out of these stocks moving forward.

SIRI worked up off support yesterday and when they announced good news shares went wild. I was just about to sell even when the news hit so I let it ride and even added 10k shares at $1.80 right at the close, gaming the gap up. Keep in mind I’d have never added more shares at $1.80 if I didn’t have a $1.73 average with 20k shares. I’ll probably look to close SIRI this morning with a goal of $1.85 per share and then trade SIRI again later on down the road. Right now futures are up but there is a lot of data on the table this morning so that could change quickly.

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