Trade review 6-8-10

Beacon pick was the incredible play CABN which began a march up right out of premarket. Their release was at 9 A.M. EST, after which a lot of upside followed. Then it faded nicely, taking out an intraday support level for the shorts, which was noticed by several in the Twittersphere. Finished up over 33% but plays were great both ways on this! This is one of the rare ones that had some real potential for sizable gains...

I got a few of these things right:

Hits:

MOPN

Perfect call if you found shares. Gap up as predicted, then a nice, mostly clean fade with a from the gun panic ensued, en route to a red finish of over 12%

FDMF

Another home run play for me. It did not gap up, but it did crap. Absolutely perfect fade all day en route to a red finish of over 60% for those who found shares. The price action was obvious from the gun.

WAMUQ

Another great play, this one gapped up as suspected, then reached 0.20 as predicted, actually 0.215 printed. This sold off and eventually closed down over 8% but this was an early morning momentum day trade play.

AMEL

I aced this one as well. Gap and crap King HotOTC bounced this early which proved a great short entry. Heck, even the take out of the open *and* the previous close worked for the shorts. A gap up crapped from the bell en route to a red finish of over 10% One of the easiest plays today, and lots of borrows at IB...

PBTH

The breakout continued, even on a shaky Dow, from early on. We took 6.50 and held. Opening at the lows on the daily chart, the 52's at 6.34 were reached and printed 6.35 and this entry signal worked. Closed up over 3% on the day.

Misses:

BTOW

Not even good enough for drop of upside, this began tanking by premarket. It gapped up, then faded. A green finish by 3% does not inspire me when the high is set in premarket. If you had caught the hod close and bought in Monday, you made money, otherwise probably not. I knew it was a fade bait POS, but still...

EVTN

I guess their miracle cure came back to reality. After it gapped down, not up, it sold off from the gun, which I am not surprised by but it did not play out enough to my preferred script. A nice fade ensued all day, en route a red finish of over 13% I had assumed this trash was good for a bit of scalping long or short entry upside.

Totals:
Daily record: W-5 L-2
71%


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