Trade review 10-29-10

I got a few plays correct...

Hits:

TORM

Squeezed early shorts somewhat, but the hod was lower than the previous session high, and it went green to red right after and stayed under, finishing down over 2.5% on the day. Some short scalpers probably banked on the early noise, if they took smaller gains, covering before the very brief spike. Superman meet Kryptonite.

GRRF

The top fade worked here, but it was dead easy to time as it dumped from the gate on a gap down at the hod. Nice even tapering off into the finish, which was red by over 15.5% on the day. Also down after hours.

SYNW

All the upper moves were at the beginning, before any weakness cue surfaced. Opening on a gap up, the stock went green to red a few hours in and stayed that way for good, en route to a red finish of of over 22.5% on Friday.

ASTM

Our awesome short arrived Friday. Opening on a gap down, it looked weak from the bell as it dumped immediately from the hod which equaled the opening price and sported flat moves the rest of the way. Closed red by nearly 6.5% on the day. Reading live price action is essential, and this one was easy to read as a fade.

MTSL

Opening on a gap down at the hod, this fell at once and following some sideways price action it recovered considerably into the close, but it still finished red by nearly 4.5% and early weakness extended well into the body of the previous day's candle.

Misses:

TRXAQ/TRXBQ

No credit although a push or even a win could be claimed here, as one of the pair finished green by over 1.5% while the other curiously closed red by nearly 6.5% on Friday. Both sported easy morning panic style dumps from the gun so many shorts probably banked and covered before either recovered, but I should have listed 1 and made a choice between the two. Given the split result, and my indecisiveness, a loss in order.

Push:

GSL

Another no-play as this never fell below the previous close, touching 4.31 as the lod at best. Lacking a confirmed weakness cue, the correct action is nothing. Despite many up days, it closed green by over 6.5%

VSCP

No play (at least initially) as this opened on a considerable lod gap down, which immediately took off upwards to fill it. It then hugged the flat line for a while, then went red, which was a shorting signal. This held up all day as it faded off into the close ever so gently, en route to a negative finish of over 2% on Friday. Since this had such mixed price action, and the entry signal occurred well into the session, a push is called for.

Totals:
Daily record: W-5 L-1-P-2
83%

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