Hey hey everyone!
Nice day today as ICLD was a huge runner from my list and I took EJ per my plan right at $6.82 first thing in the morning and it blew up. I sold half at the end of the day at $7.08 and held half overnight. The only other trade I took was VII which I bought at $1.77 and had a $1.92 sell but then cancelled it at the last second and let it come all the way back for a $30 loss, lol. Stupid by me really...but I got a little greedy and thought it was gonna bust $2. Then just to salt my wound it reverted and shot back to $1.90 by end of the day so it gave me what I deserved! Anyway nice day overall. SPY is right back at highs in just two days so I'm skeptical of any powerful long side moves really so I'm just sticking to small scalps on the long side for the most part and my list is mentally becoming a bit more short-biased. I also saw some nice action in CREG today as it got a couple big bidders at $1.13 for 50k shares and $1.14 for 100k. I think it should probably go in the next couple days and if it doesn't then I will size down on it since these types of plays should work quickly. I will be mostly taking care of the remaining EJ that I have tomorrow morning so I prob won't take many if any new trades, but here is my focus list anyway:
CCIH (long):
This was holding $14.70 nicely today and was very very light volume which is typical right before these thin stocks explode. Low volume and a tight range indicates indecision, and when the decision is made they will go very quickly. So I want to see this open in the same place it closed and get a big volume spike within the first 15 minutes to push through $14.85. If it can do that I will go long $14.85-14.90 with a stop under $14.70. Beware that this stock can get pretty wild and is thin in terms of volume so keep size under control and don't get too crazy ... you don't need a ton of size to make a ton of money; If the move in this name is real it will hit $16.50-17. Also, $15 is the key so even though I will be entering lower, if it fails to break $15 I will be very cautious and probably just take it off flat or for small gain.
AMCN (short):
AMCN has a similar type of setup to CYTR a few days ago. It was parabolic and then rested...everyone thought it was a short and then it squeezed higher even after it cracked pretty hard but the squeeze was short lived so now it is starting to show weakness again. I believe if it cracks again this will be the real dump just like CYTR dropped only 30-40 cents on teh first breakdown but snapped like $1.50/share on the second attempt. That said, I wanna see a little pop in the morning maybe to $4.60-$4.70 to start short with risk against $4.90-5.
IMH (short):
This stock has nearly doubled in only 7 days. Despite that it was still strong at the end of the day so it is giving us a perfect opportunity to be the first ones to short if it goes parabolic to $29.50-$30.00. Ideally it gaps up and pushes immediately out of the gate. I will start small with any short and add to it once it confirms weakness with lower highs. Risk is tough to determine when you're shorting the front side of the move so if you're not familiar with how to do this I'd just stay away and wait til it makes lower highs and puts in some kind of a topping pattern that looks like it will roll over and die. I'll risk $1-1.50/share most likely depending on how it behaves, since not only is this stock more expensive but it's also light on volume which means the spread will be bigger and thus it will need a little more room to fluctuate.
That's it for my focus list. I still have some of the same names on my backup list as they still look great so I'll just make a couple updates here:
ICLD (short) - Stock pushed all the way into the close but bottom line is it has better than doubled in two days. Watching for a push to $4.50+ for short
ORMP (short) - Been testing $7.00 for a few days. If it can break under there it should crack lower
AAWW (short) - Getting a bit parabolic. Eyeing for a short soon ... maybe near $57-58 weekly highs
WPRT (long) - Wish I had seen this today but alas I did not! It filled the gap from March and closed strong so if it can "refill" the gap in the morning and bounce off $5-5.10 for red to green I like it for a long. If it gaps up I'll just wait to see if it develops a trend intraday and play it accordingly
RMBS, HMSY (long) - Still looking good for breakouts...maybe over $14.15 for RMBS...not sure on HMSY yet
IPCI (long) - Been holding under $3 for a while now and keeps hinting at that big push over $3.15. That's what I'm waiting for
TCPI (long) - They beat earnings after hours but the stock didn't move much. Will see how it looks tomorrow morning as I'm still kinda curious if it can take off and squeeze over $4.00
CMCM (long) - Bounce area on the daily within its flag, and still over 80% short interest. Nice area for a swing from here if you want to anticipate the break of $25 which will likely send it off
Hope everyone had a nice day and feel free to let me know if ya have any questions!
Chris
Submitted May 04, 2015 at 10:12PM by ghostofgbt http://ift.tt/1bZ1ODB
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