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15 Nov

Live Updates For Tuesday November 15, 2011

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Asia, Europe and futures are down this morning but I maintain this week becomes bullish. The bears are out today because the yields on 10-year Italian and Spanish government bonds are surging leading some to believe Spain and Italy may also end up needing bailouts, just as Portugal, Greece and Ireland did. If any good news comes out of the euro-zone crises then I’ll definitely look for a few new swing trades today, otherwise I’ll be day trade short biased.

The U.S. corporate and economic calendar is busy Tuesday. Data on October producer prices and retail sales, along with the Empire State manufacturing survey for November, will be released at 8:30 a.m. Eastern time. A report on September business inventories is due at 10 a.m. Eastern.

Sold ABAT yesterday right before the close like I said I planned to Monday morning in my live updates. Held out for the best price but no luck as it never ran. Took a small 6% loss on this one but couldn’t risk bad earnings which in fact were never reported despite Yahoo and the Wall Street Journal’s listings. Doesn’t shock me with ABAT as they’ve done this before but it is frustrating cause had they issued a press release then maybe I would have continued to trade it. Either way, the trade is over and I’m moving on.

Sold PLUG yesterday for a nice 5% gain. We covered PLUG in Thursday’s class, it was on Friday morning’s watch list and then we successfully swung the ascending triangle breakout into Monday. Best part about 5% on PLUG is you could have bought 1,000 shares, 3,000 shares like me or 10,000 shares and still realized 5% – that’s the power of playing liquid small caps and why I don’t let anything in chat with less than $500,000 daily volume. I’ll do a video detailing my thoughts on ABAT and PLUG later this morning.

Still long COOL at $3.20 with 10,000 shares. Zumba Fitness 2 goes on sale today and the only thing we need to be careful of now is ‘sell on news’ mentality. The stock is not overbought but anytime a company is about to have good news you must make sure the market hasn’t been waiting to sell the news. I’ll be watching to make sure the stock heads up into the $3.45 range for the breakout I’ve been looking for. Ideally I’d like just under $4 or just over $4 as my exit. As always that changes daily as I assess the situation – never hurts to lock in $1,500 profit on a win.

QPSA missed on earnings but nobody expected anything from this company there as they’ve never been able to monetize their membership which is why they did the merger. myYearbook on the other hand does have good numbers and they have been able to capitalize on their membership so we need to see if the Wall Street believes myYearbook can monetize QPSA. If yes then I should win on my option this week, if not then I’ll try and lock in a small profit. Time will tell but one thing is for sure, there were not many buyers last night after earnings – which is what I feared and why I went with an option this time and not shares. Now I’m really happy I made that choice.

RENN looks good holding $4.50 no problem so far and given the right market condition I’ll buy $4.50 soon which will be my full boat on this trade. For now though I’m staying small with 1/2 my position so I can wait out the market bears and let RENN stabilize before a hopeful run back up the chart.

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