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9 Nov

The Bears Are Back, What You Need To Know For 11/9/11


Asia had a good session but Europe once again is raining on our parade as Italy’s borrowing costs near crisis levels. Futures are down considerably this morning and it’s my guess that we’re red all day. With that in mind I’ve built a short watch list that could make for some profitable day trades while we wait this hiccup out. Click here to learn how to short day trade overbought stocks so you can profit on days like today.

The U.S. economic calendar features wholesale trade data for September at 10 a.m. Eastern time. Federal Reserve Chairman Ben Bernanke is scheduled to deliver remarks on small businesses at 9:30 a.m. Eastern. I don’t expect either of these to clear Italy’s black cloud today and therefore, unless we hear of major news out of Europe I’m either looking to add to my positions per previous instructions or day trade short.

COOL I still like but I expect it will dip this morning like most stocks. I have no plans of panic selling on the dip but do regret not taking my $2,000 profit yesterday. You can’t live in the past when trading but you can learn from each trade which is why I bring it up. I’m still trying to stay in this trade until Zumba II news starts to hit the wires as I expect that could take us into the high $3’s which is where I’d like to take profit.

RENN has earnings tomorrow after the close. My game plan is still in play per the original alert so nothing has changed other than it’s yet to walk up which is disappointing. Given that we are two days away from earnings I really thought we’d see a move today but now we have the market conditions to fight in addition to the shorts. As noted earlier, $4.80 is probably where I’ll look to buy 3,000 more heading into tomorrow. Understand however, that is a dynamic estimate meaning I’ll read the market conditions and make my moves accordingly.

ABAT I won’t add to today unless it gets into the low $.90’s. Like all stocks today it’ll be hard to be green so I expect this one to pullback as well. Shorts will be out in full force on all stocks and panic sellers will just make it worse. I don’t panic sell on days like today until the afternoon if it appears the stock could break my overall trade range. Earnings are next Monday and the goal is $1.30 here. Stop is below $.90.

Today is the vote on QPSA so watch that stock close. I have 40 November 19 calls at $.60 and I’m trying to game the myYearbook merger news tomorrow morning heading into their combined earnings on 11/14/11 if the plan goes through. Downside here is I lose $2,400 of my already $5,000 profit on QPSA. Upside is the stock jumps big on the myYearbook news / earnings and I cash in. We’ll see how it goes but please don’t ask me to teach you options because it’s not part of my program as I’m learning from my teacher right now. Once I have a strong footing, then maybe I’ll teach it.

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