Hi ladies and gents!
Well, my strategy change from last night paid off nicely.I took off ONP for a 2 cent loss at $1.60 since it was just stuck and I couldn't find enough liquidity to cover lower. I also doubled up my XOMA position at $3.82 and then sold some into the subsequent bounce so I now have the same number of shares I had but from a $3.90 average instead of $3.98, so I feel a lot better about that swing now. My plans on BITA and CYBR were almost dead on, with a couple small differences: On BITA I did get the bounce at $49.30 like I expected, but it was a quick rebound and didn't dance around under $49.50 like I expected it to so I didn't buy it there. Instead I waited for it to set up around $50 and bought it at $50.20 with a stop under $49.80, and then tightened the stop to $50 as soon as it started to show strength. This worked really well as the stock ran to high $51s by the end of the day and I sold around $51. I probably would have let it run longer if the plan had worked exactly like I expected but this was still pretty good and gave me a nice gain. CYBR I didn't end up trading because like I said I wanted that $54.50ish short but I also wanted to see if my idea was correct first. It did provide a decent short after 1pm like I expected but I didn't want to short anything until after the FOMC announcement, and if you look at SPY (and basically every other chart) at 2pm you'll see why, lol. Lastly I did trade MVIS but not til the afternoon at $3.98 and I only got filled on 100 shares, lol so I decided to take it off and try again tomorrow after sitting around for 25 min waiting for even another small piece of the order to fill so I could at least make 100 bucks or something! Figures, all that insane momentum all day and then when I try to short it it can't give me a single uptick to fill even 1000 shares, lol ... so anyway no biggie and I'll be after it again tomorrow! Also one last thing. I did short NVGN at $4.23 but only got partially filled and it couldn't crack $4 so I took it off for a small gain. The easy money was on the huge spike in pre-market but I wasn't up in time to catch it at $5+ since it was at like 7am. So overall really good day. I felt a LOT better trading these more liquid names and it kept the action exciting all day instead of sitting around waiting an hour for one quick 10-20 cent spike in a second like some of these thin suckers. I'm gonna try to stick with the same mentality for tomorrow...here's the plan!
MVIS - My number one watch for tomorrow...I will be looking for any morning push to short into. I would like to see a gap up but I doubt we'll get it...so I want to see it hold $4 and then squeeze back through it to $4.20-4.30 and that's where I'll look to start shorting. If it gaps down then I'd like to see it slowly grind back toward today's high and then make lower highs OR possibly hold under $4. Basically I'm just looking for it to show me any clear place I can put my stop.
CORT - Another parabolic short...right into weekly resistance above $5 and very extended on the daily. The only news I can find recently is their earnings on 3/4 and today they appointed a couple of new people to their board of directors. I couldn't find any reason for the gap on 3/11/15 so if anyone knows what caused it please let me know, but I didn't see anything ...not even a newsletter pump that I could find so it's a mystery! Anyway, I'm hoping for a gap up since it closed strong...would love to see $5.30-5.50 in premarket to start short and work it out from there. Initial risk will be to $6 since I have no idea what the stock is capable of and can't find any reason for the move. If it gaps down I will watch for a slow grind back toward today's high to start a short w/ risk over $5.25-5.30. If it gaps down and immediately pushes strongly back to today's high I will wait for it to go parabolic through the high and/or play the back side of the move since we don't really know what is possible yet.
CLF - The move in this today was clearly driven by the fed announcement, but it might have been the catalyst needed to get a bounce started. If you look at TC you'll see a similar daily chart that had an awesome bounce off lows which is what I am looking for on CLF. I'll be watching for any dip in the morning to hold and then show some volume out of it, whether it's on a gap down, gap up or otherwise. Since the chart's a bit extended intraday I'd like to see a pullback to $4.40-4.50 ideally and then dance around a bit and reclaim. I think this could be a quick trip to $5+ if it can hold a morning pullback and go red to green or even gap up and hold the first dip. Just a heads up: It will also require market strength, so if SPY is going sideways and stays in a tight range there are probably better stocks to trade.
HLF - Nice move today right into big daily resistance in the $39.20-30 range...If HLF can pull back in the morning and hold $37.50 or so it could reclaim it and really run over today's high. So I'll be watching to see if it holds $37.50 in the morning to get long in that area w/ a stop under the low. In the event of a gap up I will watch for a gap fill to get bought back up in the same fashion, except I'd like to see the dancing action around $39 instead of $37.50.
Take into consideration that I'm still trying to feel these bigger stocks out so some of the targets and levels may be really far off...I recommend against following my trade ideas on any of these for a while since, frankly, I don't know what the fuck I'm doing with them, lol. However today seemed to work ok so I'm happy to continue the learning curve! Other stuff I have on watch:
RGDO watching for that $1.50 break...if this has too many more wussy closes I will take it off. I will update my robinhood subreddit whenever I make changes to the account. So far though I am still just holding this RGDO and haven't seen anything else worth buying.
NPTN watching for parabolic short $6.30-6.50
ESPR wild range on this bad boy...it has provided some clean long setups the last two days so I'll be watching w/ long bias, and will probably leave it alone otherwise. Way too big to short it safely for me (mainly due to the huge spread when it gets moving and fact that I cannot trade odd lots) - even 100 shares on this could be upwards of $500-1000 risk if it goes against me on a short so I will stay away from shorting it unless the spread gets really tight and the stock calms down.
CRMD watching for short under $8.30
NVGN any morning upward rush is an opportunity to short for crack of $4 and continued fade. Four times now the company has released basically the same PR and four times the same thing happened. Just a pump job to build hype so they can eventually do a secondary offering.
DRRX flagging...may have another leg up soon. Someone here pointed out despite it being parabolic there have been some big insider buys lately (200-500k shares). I confirmed this.
OHRP bounce watch over $9.10
SIGM watching that pullback for swing entry off $7.50 previous breakout.
QIHU possible bounce continuation over $49
Thanks all and hope everyone is having a great week!
Chris
Submitted March 18, 2015 at 10:33PM by greenbartrading http://ift.tt/193NS9r
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