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3 May

Wednesday May 4, 2011

by

FCEL announced strong news pre-market so a bunch of us in chat grabbed shares. I figured I’d probably see a $.20 cent run once the market opened as the Street poured in the $208m market cap. My first order was for 5k pre-market at $1.74 and then I added the other 15k right at the open on the dip at $1.72 and alerted you. If you pull up a 1 minute chart you’ll see it hits $1.82 early on and then retests $1.82 but fails which was the sign it was time to take profits. I’d hoped for a break to $1.90 but I’m always prepared to lock in profit anytime the risk / reward changes which was the case here.

CMCI just isn’t gaining traction amongst traders yet like I’d hoped but it’s still holding 19% since my $1.30 alert. I had an order in to sell my shares at $1.60 and managed to get 1k filled so now I’m down to 4k shares. Well see how tomorrow opens, I’m hoping it gains some liquidity but as I’ve said from the beginning on CMCI, this is a speculative trade.

My position in EXAR at $6.31 held its ground today and added about 2% closing at $6.46. Earnings are Thursday after the close, still undecided if I’ll hold into the after hours session on the 5th but I’ll let you as the time comes closer.

ANIK continues to lack liquidity which I knew going into the trade at $8.65 when I grabbed 2k shares, but earnings are tomorrow after the close and there is a good chance it runs come Thursday morning. As of right now I’ll be holding through earnings hoping for green to end the week. Tomorrow is the pivot day obviously, I’ll let you know if the plan changes and I decide to sell.

Challenge account balance: $7,818 up 10% in 2011 (No positions)
Main account balance: $238,980 up 15% in 2011 (4k CMCI @ $1.30, 3.4k EXAR @ $6.31, 2k ANIK @ $8.65)

 

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