Well there you have it, futures are down and Europe is to blame once again. If these guys could get their act together we’d probably see a bull run with earnings season on us.
I’m still short 10k LSTG at $1.13 and I think it could fall apart soon. These pumps are costly to short though and I’ve already racked up $300 in fee’s so I need at least that much to break even. There was a mailer out over the weekend which caused yesterday’s spike, but then it faded and sold into the close. If the mailers come to an end this thing could drop to $.90 or lower which is what I’m gaming for. I’ll add 10k shares if I spot weakness, but shares are hard to come by still.
Swing trade alert Monday was LOCM… this is no stranger to anyone who has been with me since I started in March. We’ve nailed this once countless times and I like it above $2 because after trying to short that range I realized it just didn’t have any sellers left in it. Tons of angles here from buyout to squeeze but the bottom line is I just don’t see it going lower than $2, so regardless of how it trades over the next week or two, I’m either out below $2 or taking profit in the $3 plus range – good risk reward if you ask me. Low volume trade right now, so we’ll need a catalyst to lift LOCM and bring liquidity.