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9 May

Tuesday May 10, 2011

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KIWB did not work out as I’d hoped with a gap and run. At one point I was up over $2,500 on this one and it’s a good example of the lesson I preach repeatedly to take profits when profits are available. Instead I walked away with just over $100 in profits for my challenge account and about $700 in losses. I was up 10% on Friday and over 20% at times, greed did me in here and I won’t let it happen again. Finally, price action like this is the very reason I shy away from stocks under $.25, they just move up and down too fast for me to enjoy my morning coffee.

GPL moved up with silver as expected. Friday’s entry at $3.30 closed up 5% at $3.49. Holding all 7.5k shares and I’d like to see $3.60 or so for my 10% turn.

Still accumulating GSTPE from last week, shares are hard to come by on the bid at $.021 but I’m stubborn and have no immediate plans to move unless the trading picks up.

My Sunday Swing is LOCM, which I grabbed 5k of Friday at $3.61. The CEO just bought 75,000 shares at $3.58 which is well over a quarter million worth of stock…to me that doesn’t appear to be a smoke screen.

Read my blog post here for all the details on how I’ll play this one.

Still holding ANIK and actually added to my position today as it started to climb. Picked up an additional 1k shares at $7.54 bringing my new average to $8.08. With any luck it’ll continue to climb tomorrow and start working into that gap. Goal remains the same, 10% so roughly $8.90 gets me out of this one.

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