Finally some bulls coming back into the market this morning – we’ll see if it sticks heading into the weekend. If this is in fact the reversal off the bottom of that channel I showed you then I’ll probably keep all of my swing trades into next week and add a few others as well. Don’t be shocked if I buy more RENN on the way up.
USAT – I loaded the boat yesterday which is a risky move but I think this stock is going to $1.60 and there’s a chance I’ll add 10k more at some point. Goal is to make 10 to 20% on this trade short term. Catalysts is technical support, short interest and a company that can sign big deals at a moments notice. The are not profitable so buyout is always possible with these guys as well although I don’t base trades on buyouts unless the media is really hyping it like Yahoo recently.
EK – They walked it up for 3 days heading into yesterday’s news and in my professional opinion it was a classic pump and dump shedding shares as soon as the CNBC feature was over. It’s my belief they tout the stocks using their media platform and then larger firms dump as every small guy with an Etrade account buys the story. I still think this goes higher so I held. I’ll update you if that changes but probably not adding due to risk of bad news like bankruptcy.
LOCM – Like this one off $2.40 support – plain and simple. I’ll buy more today and try and swing it up to $3 in the short term. You guys know the story on LOCM, buy at support, swing short interest and take profit… rinse and repeat. If it heads down I’ll cut out and look to buy back around $2 like last time. However, my gut tells me this time it makes a higher low on the chart and turns from here.
RENN – Sold half yesterday because I had to. If I don’t show discipline then how can I preach discipline?! I should have sold it earlier at $4.49 like I said I would. I’m holding 5k shares with a goal of $6 per share short or long term. I’ll add more as soon as this stock starts to move up so I can make back what I lost yesterday. Last night I went over in detail how I made a number of mistakes on this trade but will fix them by making my money back when it turns.
COOL – I made some mistakes on COOL too not taking my 10%, we all know that. Now I’m even on the trade but plan to buy more at $3 and swing it back up. Stop is a hard break of $3 to the downside at which point I’m definitely loading up at $2.75 for the holiday move.
QPSA – This option was up big and now down about $1,500. It would have been wise to that the $2,000 when I was up over 50% but there are no woulda – shoulda – coulda’s that work on Wall Street. This is a game of learn from your mistakes and don’t repeat them. Next time I’m up 50% on a sweet option trade you better believe I’m paying myself. The option expires today so I’ll look to save 1/2 my investment of $2,400.