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13 Sep

Wednesday September 14, 2011

by

Scalped a few stocks for small wins in chat today while dealing with some failed swing trades.

EVGI for starters just never worked out and is a good lesson for me and for all actually. Had hoped EVGI would be BestDamn’s pump this morning and it wasn’t. So with 15k shares at $.80, I decided that $.70 was a loss I could live with. More thoughts on playing pumps below. Here is the problem and the lesson, HOPE does not belong with trading period.

AAGC is another pump gone wrong so far. After spotting a big disclaimer I assumed $1 would be an easy target for a sweet $3k gain and after entering at $.82, I added up at $.88 based on the chart. After the first day of promo however, shares tanked and clearly someone is unloading. Today I tried to get rid of half at $.65 for a big loss and couldn’t even swing that. At this point my thought is they’ve gotta be done selling and ready to move this thing back up. I’d be happy as hell just to break even at $.85, a long shot at best.

After about $30,000 in profits playing regular stocks long and short, with less speculation on pumps, I’m thinking I’ll be doing a lot less speculating moving forward because stocks like ALZM, BERX, DOGO, EVGI and now AAGC are adding up to big losses and not a whole lot of big gains. I’ll still nibble from time to time, but you can expect less speculation on those types of plays moving forward…I’m just having too much success trading other stocks $1 to $20.

STM coming back with the market, I’d like another 5k shares but didn’t want $.60 below entry…$4’s was a target worth adding had it continued to dip. I think futures will be up when we wake up tomorrow and if so I’d expect STM to be in the $6.15 range which will start to look green in my account if the market follows.

Added SIRI at $1.71 right before TheStreet.com said sell SIRI. Media is nothing but one big pump, however, you have to respect the pump. My average is $1.73 and to be honest, that’s not bad but it’s not the $1.60 I preferred when talking about grabbing SIRI again. So if I get burned here I deserve it. In general however, I don’t think enough people / funds will follow the sell SIRI mentality based on MCD and BBY earnings — but price rules so we’ll see. I made my bet at $1.71 today based on my gamble that futures are heading up tomorrow and SIRI will gap for us. If I’m right we should be in the $1.71 range when I see you in chat in the morning. Goal here would be high $1.70’s initially and then I’d look to add again lower if the market grants me that opportunity. If I’m wrong on this trade, I’ll need to cut it loose around $1.65 and buy back lower when it reverses.

LOCM is not helping or hurting me so as long as it’s above $2.70 I’m long the stock and waiting for it to squeeze.

Added 1k AOL today at what I believe is support and sure enough it bounce about $.20 right after I added. Then it dipped to that area and closed strong. This is a stock I’m trying to stay in with 2k shares trading for profits daily while adjusting position. If any deal goes down, I think it’ll go for about $20 per share giving me an instant $10k gain. Keep in mind, this is a secondary goal and not something I’m basing my moves on. I’m trading the stock, if a deal goes down, which I doubt it will it’s simply luck.

CNTF is holding $2 so if the markets turn up I’ll be in the green again. $2 will be my stop though, should have cut it sooner to be honest.

 

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