Trade review 5-27-10

I got a few of these right:

Hits:

FORD

Gap up achieved, plus that early upside followed, lasting until 10 A.M. EST when it tanked and recovered, finishing nominally red.

BMGP

This over extension play worked. Opening flat relative to the previous close and at the daily high, it closed down 5% 

LSCG

A failed test of 2.50 led to an eventual 3% down day for this less than ideal volume stock. As I said, broken chart patterns produce some of the most reliable signals. This could have been faded. 

OOAG

I nailed this one! 37% drop called on the very day it happened. True, something this cheap is hard to borrow and short, but everyone and his brother has been buying this thing for days now, so calling the fall is nice...

Misses:

LTXC

Finished barely green after a gap up, with boring sideways price activity for most of the session.

SEED

Gap up and obvious fade from near the bell with legs, hence a fade worthy play, but it finished green relative to the previous close by 4%

Push:

HAUP

Partial credit as it finished red by over 3% but it essentially held 2.80 after breaking below with a low of 2.74 It could breach that level more lastingly come Friday. Several shorts are probably overnight waiting for morning panic or more from the stock tomorrow.

NBIX

Gap up did not help, but it was boring sideways price action most of the day in a modest range, finishing completely unchanged, hence the split decision. Friday may still have some plans for this stock, perhaps.

Totals:
Daily record: W-4 L-2 P-2
66%

Unofficial picks went as follows:

AVOE

In hindsight, I should have put this on my regular list, as it fell as expected, but worse than even I thought, finishing down over 34% It fell from the gun.

LMCO

This also fell as expected, but it is just boring now, closing red to the tune of just about 2% It also fell from out of the open.

LVCA

Again, in hindsight I wish I had put this short pick on my regular list, as it fell over 13% It also tanked early.


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