Hi everyone! Reddit was down last night when I tried to post so here is my post from last night:
Today was pretty good in terms of money but was really annoying in terms of how long it took! I basically churned a ton of commission for most of the day and couldn’t really get anything going…took like 4-5 flat trades and a bunch of crap for small gains. I finally did get a nice scalp on VGGL at $4.00 up to $4.20s, and toward the end of the day a nice short from my backup list on AAWW at $56.65 which I covered after the washout under $56. So those two trades were basically my whole day and everything else was just a waste of time and just paid the broker, lol. Oh well, green is green but kind of an annoying day in that sense. I noticed the volume on SPY was really low so it doesn’t surprise me VGGL was pretty much the only thing with any juice, and maybe PTBI which I didn’t have on my list and noticed later. Bottom line I guess I just overtraded a bit and that made for a frustrating day but at least I was able to milk a little gain out of the day. That said I see that chinese stocks were pretty nice today (JMEI, CCIH, CMCM, etc) so I’m gonna be watching some of those for continuations tomorrow! Here are my plans:
NYMX (long):
Had this today at $1.52 and ended up selling for peanuts at $1.55 after it refused to break $1.60. I didn’t want to swing it since the market is pretty close to highs and the last few times it’s gotten there it gapped down and got smoked within 1-2 days so I am learning from that and not swinging up here! Anyway, so I’ll be watching this first thing in the morning for that $1.60 break. If we can pull back to $1.54 it would be nice but it’s only a few pennies and if this breakout holds it can easily hit $2+ so I have no problem chasing a little bit if it just wants to go right away…I will just use slightly smaller size and add to the trade on dips after it holds.
CMCM (long):
I still really like this for a squeeze over $25.50 and it had a nice volume push today. The short interest is still nearly 70%. Tomorrow I’d like to see it hold the same trend it was in today on the 5 min chart…maybe a pullback to the $24.50 daily area and see it hold there. If it can do that or even just put in a nice support level in the morning I think this can really scream over $25.50. I’ll try to size in piece by piece since it’s kind of a risky/wild stock (especially in the morning) and be willing to give it some room and add a couple times if I’m wrong on the initial entry price.
CCIH (long):
Another Chinese stock that was very strong today and has a nice daily flag developing. I’ve been watching it for a while but it was sort of refusing to break out before. Often after they have one last shakeout you will get the real move which it seems like it might be starting now. My plan is to watch for a pullback to $14.40-14.50 where it broke out from the daily and see if it can hold there. I want to see it break under its intraday breakout of $14.60 today and then reclaim it. If it can do that I will get long for a red to green a $15 break.
CALM (long):
I really like the action on this today. A pullback to $47.50-48.00 would be good for me to go long for a red to green with stop under $47 and possibly add to winner once it develops. I won’t be too aggressive on these dip entries since the market is extended though. Goal would be for it to reclaim and overtake $50 and push to $51-52.
I like NYMX the bets out of my focus list, followed probably by CMCM. Here are some other ideas. I had a bunch of other stuff but I’m going to keep it to just these four so I don’t have too much crap on my list in the morning. We could also watch anything that has been on my backup list for the last few days and maybe add VGGL for a continuation and a couple others I found like NKTR long, ADXS short, AVD parabolic short and MCHX red to green. That’s it for tonight!
Hope everyone had an awesome day!
Chris
Submitted May 12, 2015 at 08:09AM by ghostofgbt http://ift.tt/1F4wdKM
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