Trade review 6-2-10

A rising tide lifts all boats. Today was not a good day to be short the market and most of the list plays were shorts with some exceptions. True, this is less of a factor with penny stocks in general, and promotion driven ones in particular, but it did not help matters.

Preacher and Beacon turned to be LBSV, while HGS turned out to be EGOC in the timed release plays. The first play was a big failure, opening on a gap up at the highs and fading immediately, but provided a short once it went green to red. EGOC spiked yesterday, premiered flat and it did little for longs at the open. Then it faded, finishing well down and taking out the previous session close. The only viable play was LBSV short.

I still got a couple correct today and few partial credit outcomes:

Hits:

HAUP

Patience is a virtue. Finally this thing tanks on a 200+ point up day on the Dow, a bad omen. We opened below the critical 2.80 level and never looked back, finishing down over 7% in what swing shorts hope is an extended move down over many days. I am not so sure, this is a choppy beast, so taking profits and moving on to the nest trade may be the better part of valor. Or keep half and see where that goes in the coming days.

BSGC

Opened down, then faded nicely. It later recovered, but still finished red by 12%

Misses:

JSDA

It may be nearing a top, it only moved up 10% more today and has some high wave shadow action on it now. It looked strong very early, from the bell in fact, so you should not have entered short unless you are boxed. Once again, on Supernova plays it is hard to be exact on the day it "pops" when formulating the watch list. One the day it finally begins to falter, the fade is easy enough if you can succeed in finding shares.

WOLV

No dice yet. Another big up day, to the tune of over 13% It looked strong right out of the open so experienced shorts never entered to be squeezed.

CSIQ

A somewhat rare case where arguably really bad news was purchased by bargain hunters. The stock began moving up from the open and did so most of the day, finishing above 10 for the long bounce play gamblers.

NBIX

We opened at 4, barely went under it in the first 5 minutes then zoomed up to finished green by over 11% totally erasing the distribution day losses! Not a real surprise considering the Dow, but the Bears got rolled.

Push:

PANL

Partial credit. It did test but held 18, probably due to the overall market strength, though. Finished up over 3% It looked good for the longs right out of the open.

PBEC

This sold off just before the open, but shot up for some time right out of the box. Anyone not selling in premarket who was long probably made money, but it was not a gap up and finished negative so it cannot be counted as a win.

Totals:
Daily record: W-2 L-4 P-2
33%

My unofficial plays went as follows:

THC

Bargain hunters arrived as predicted. The recovery began in premarket and continued through most of the session, en route to a 7%+ finish relative to the previous close.

VRAL

This sold off right out of the gate. It faded as the session wore on, en route to a red finish of over 18%

My worst day by far since records have been kept. At least I can blame the Dow for some of it!


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