No open positions this morning so I’ll recap GFRE which I traded three times yesterday and CMCI which ended up being a nice speculative score.
Yesterday GFRE took off and I tried to add on the pullback before it continued. I picked up 10k shares early on which turned out to be bad timing that led to a $1,900 loss on the first trade. So, like any stubborn trader I kept my eye on the stock to see if I was right and when it started ticking up I jumped back in with 10k shares. The second trade led to a $2,200 gain and I was feeling better about things but as it continued up an hour into close I figured I better be in for any possible squeeze. As you know I ended up selling that last trade too early because it jumped in the final minutes of trade and continued up after hours — a good sign for anyone who held.
Just like ESYL, DOGO, AVVC etc… I little while back I caught wind that CMCI could be a campaign and sat on the bid and filled at $.60 early on, spread at the time was $.60 x $1.10. You’ll see all my posts about CMCI here. Anyway, the ask started to get some light volume so I cashed in immediately Wednesday and Thursday. Sure, it could go to $2.00 and I’d have made even more but whenever I can play a spread like that I’m content to get out early on. As of yesterday the spread was still $.75 x $1.20 at times so I’ll probably sit on the ask again today and see if I can get filled again! This is a strategy I do all the time and as you know with ESYL, it doesn’t always work out so before you get excited about it understand the risks involved. Had this not picked up I’d have had very little options due to the liquidity in the stock.