Hi everyone!
Nice day today. I spent most of it hanging out w/ a friend who was here learning the ways of the daytrader so I didn't trade that much and spent most of it talking to him and lip syncing to thug rap (note: we're both skinny white guys, haha!). I did take a couple trades though! MOH from my list gapped down and CAM gapped up so I didn't touch either of those, but I was able to hit TEAR short at $2.50 and covered at $2.40 toward the end of the day...right before it wicked down to $2.26! But that's the nature of thin stocks...it was getting toward the end of the day and I didn't wanna be too greedy so I took the dime. still a nice win. I also shorted SNDK in the morning at $67.08 for a small gain down to the $66.80s but the real move came later in the day whilst I was stuffing my face with pizza so I missed it. lol. Anyway all in all a good day...got a nice bounce in the market (SPY) and some hot bounces in the biotech stocks that got beat down the last couple days, like ISIS, ESPR, CEMP. That action should continue tomorrow also as long as IBB and SPY stay bouncy/strong. If they reverse again then so be it...we can make money in both directions! Oh, also I took a swing in MPO at $1.02 since energy stocks have been a bit bouncy lately...I'm thinking over $1.05 this will be a quick trip to $1.15-1.20 but if it fades tomorrow I'll take it off...not gonna give it much room, it just needs to work quick or I'll cut it! Ok, so that's it, here are some ideas for tomorrow:
BGMD - I took a small swing in this in my Robinhood account at $0.90 today (see /r/1krobinhoodproject) but if it takes off tomorrow I'll probably day trade it also. It looks like $0.93 is the key, maybe $0.95, I'll just be watching level 2 to see where it gets some juice and start in there. Since this is a penny stock and pretty thin it will require real time data and level 2 to trade properly so if you don't have that I'd just stay away or watch/ask questions/learn!
RTRX - This is one of the few biotechs that hasn't cracked to the downside yet and I think whether it does depends a lot on both SPY and IBB. If SPY and IBB are weak tomorrow this could drop. If they are strong I would be much more cautious shorting it because the fact that it hasn't budged in the big biotech selloff is actually an indicator of strength for now. Anyway, I'm looking for a couple things...first, if it bounces in the morning I will watch to see how it reacts on the way up to $23. I'd start considering a short over $22.50 and the closer it can get to $23 the better but I want to see topping action/weakness intraday somewhere between $22.50 and $23.00. If I see that I will start a short with risk over $23. The other possibility is that it doesn't bounce at all in the morning and sets up a base at $22.14 - $22.00. If it does that and just flatlines around $22 I will consider shorting any weakness through $22 with a stop back over $22. The target in either scenario would be $21.50 - $21.00. If it gaps below $22, I will short any pops toward $22 as long as it doesn't gap down more than 10-15 cents. If it gaps to $21.70, $21.60 etc then most of the move will be over and it will just be bought up by shorts covering from $24 so I'll leave it alone or even consider going long.
HCHC - This has not had a rest in 12-13 days and is getting very stretched to the upside. It seemed to be having a bit of trouble getting over $13.30 today so I'd like to see a push through that to see how it reacts. If it pushes through I'd basically be watching to see if it holds up or just gets splattered back through. If it holds up then I will watch for the same thing at $13.50. I'll just keep watching for that action all the way up until it gives in. If it can't get over $13.30, I will short risking against that, but I suspect it continues a bit more...maybe even to $14+ so we'll see! It is getting very extended though so like NPTN, it will be ready for some flushy action soon...to the bottom of the toilet from whence it came!
Other stuff to toss on the idea list:
- NPTN still holding from $7.21 short. Today was the first day it closed under the 30 min 50ema since 2/26 started this huge run, so that's a significant thing I think. If it touches the $6.30 area I will cover partial and look to readd around $7 when/if it bounces. Otherwise I'll hold the rest into the abyss! $5-5.50 target
- QUNR still pretty parabolic...could crack lower soon
- FWM still setting up under $6...this should go soon (maybe tomorrow or early next week)
- BGC flagging under the 200dma
- TNK similar look to BGMD but much more liquid...shipper stock that should break over $6 if energy stays bouncy
- DRRX flagging under $1.80
- BDE flagging around $10...could break higher soon
BTW, Some people in my last post suggested a "tip jar" (lol) for people who have made money off my picks or learned some stuff that improved their trading and want to say thanks. So I'm gonna throw this link in my watchlists from now on...please realize I expect NOTHING for doing these watchlists because it is mostly to help ME but if you have made some money off my picks or just feel like you've gotten better because of the education and feel like saying thanks, you can do so here and I will consume a beer or ten in your honor! Let me know if that doesn't work cause it's the first time I've set up that kinda link for my Paypal. I greatly appreciate the gesture and suggestion from the people reading these and definitely was not expecting that :)
Hope y'all have a great night!
Chris
Submitted March 26, 2015 at 11:07PM by greenbartrading http://ift.tt/1BwBBSU
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