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20 Sep

Open Trade Updates For Wednesday September 21, 2011

by

Nice score on CLSN today everyone! Day trade for over $500 profit in a few hours work isn’t bad. I thought about swinging it but the markets looked toppy and I decided it’s best to protect the gain, especially since volume died down.

Scalped SNDK short in chat but just missed the crack so we broke even there. Alerted at $43.60 after I entered, this would have been a $1 per share score at the close of $42.65 had stuck to the trade.

Alerted a short on XTXI after I sold 500 shares into the market at $14.53. Ended up adding to that short position with 500 more at $14.56 giving me 1k short at $14.55. I plan on shorting more tomorrow if XTXI heads down from here but probably no more than 2k shares short on this one based on the volume. Closed down at $14.25 and had some selling in after hours too. Goal is $1-$5 per share depending on how it trades. Stop limit was set at $14.80 x $14.85 to keep it at a $300 loss or less but I’ll probably lower that soon if the price continues down. My next stop will be at my entry assuring a winning trade. Form 4 just hit which explains Friday’s volume, Harbinger Group bought another 1.7m shares at $14.89 so we’ll need to see how the bulls react to that tomorrow.

Remember, my short alerts don’t work / show in the portfolio until we launch the new website which is why I detail them daily here, especially when it’s a multi-day trade.

Even though I didn’t trade it, it’s important to point out RENN completely collapsed off my watchlist and had I not been occupied with the CLSN alert we would have nailed this one short for a big score. The important thing to take from this is RENN was down 10% today on my short call, despite the bulls controlling the market i.e. – we’re looking in the right places for trades. We’ll nail the next whale soon.

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