Sorry this won’t be the most organized or prettiest post: I’ve got house-guests coming tomorrow and need to clean up! First up, review of today’s trades.
INO – Arggh!!!!!!
It was shortable at Sogo. It was shortable at Sogo. Arrgh. I really should’ve shorted this, even after the 15% gap down. But no, I was too busy losing money on this next stock:
OHB – TimAlert trade
Readers of my twitter feed know I got back in that this morning. I should never have even gotten in considering it held up pretty well yesterday and closed green. My entry sucked ($2.87) and I made the mistake of not covering when Tim Sykes covered. If you trade illiquid stocks and you know a bunch of people are going to buy / cover, it pays to buy before they do. So that was two mistakes. My third mistake was tripling my original position on the spike caused by Sykes’ followers covering but getting bad fills. If I could have gotten filled at $3.50 or even $3.40 that would’ve been okay. Instead I got filled at $3.17 and $3.30. I later covered when it spiked back to $3.50; that was the only thing I did right in this trade. Total damage: -$1552. Annoying, but for someone with a big account like me, not huge. The loss didn’t even wipe out all of this week’s profits.
I saw this alerted in the IU stock chat. But, because I am horrible at buying breakouts, I did not buy at $8 or $9, I bought at $13. I scalped it twice quickly with 200 shares each time and made a respectable $121.34. Things I did right: kept my position small and actually tried buying a breakout that has run well previously.
DDRX – TimAlert Trade
TimAlert comes out: “Bought 300 DDRX On Probable Breakout At $24.83” I of course bought quickly, partly to get a few cents from slow TimAlert subscribers. Below are my actual trades copied from IB.
+ BOT 961 DDRX false Stock (SCM) 24.905 USD ARCA 14:44:04 4.80
+ BOT 6,000 DDRX false Stock (SCM) 24.950 USD SMART 14:44:07 30.00
+ SLD 5,468 DDRX false Stock (SCM) 25.033 USD ARCA 14:47:20 27.34
+ SLD 893 DDRX false Stock (SCM) 25.000 USD BATS 14:48:20 4.46
+ SLD 200 DDRX false Stock (SCM) 25.110 USD ISLAND 14:48:41 1.00
I held onto 400 shares long because I agreed with Tim’s thesis.
TimAlert comes out: “Sold 300 DDRX at $24.98, Looks Toppy”
+ SLD 400 DDRX false Stock (SCM) 24.958 USD ARCA 15:32:39 2.00
+ SLD 500 DDRX false Stock (SCM) 24.802 USD ARCA 15:34:45 BookTrader 2.50
I quickly sold (learning my lesson from OHB this morning) and went short a tiny bit. Holy crap that thing tanked quick.
+ BOT 500 DDRX false Stock (SCM) 24.680 USD ISLAND 15:35:01 BookTrader 2.50
Wait, it tanked over $2 and I covered my short for a lousy 14 cents??!!? Oyvey. I’m not gonna cry about this though. It is a garden variety mistake and the tank was not caused purely by Tim Alert subscribers; there was some big stop loss sellers. As it fell more I was incredulous that it would fall so quickly. I thought to play for a bounce but did not want to get burned. So I placed a low-ball bid. Most of my 1000 share order was filled.
+ BOT 900 DDRX false Stock (SCM) 22.662 USD BATS 15:38:29 4.50
The bounce looked weak so I decided to take profits around $23
+ SLD 900 DDRX false Stock (SCM) 22.977 USD ARCA 15:46:31 4.50
Overall on DDRX, +$838.98 today. It helped to make up for my horrid $1552 loss on OHB. Some halfway decent trading on that and GGC helped keep this day from really sucking.
The only thing really interesting on my watchlist is GGC. They had financing news that looks like it will keep them out of bankruptcy. This is a low-volume stock; it was up 112% today on only 2.6 million shares. Back in March the stock was up 200% in one day, and the following day the stock went from $32 to a high of $50 and then closed at $42. Oh, and this company is heavily shorted. So I think this may be a great buy tomorrow. We’ll see if I actually play it. I would wait to see how it looks in the few minutes after the open before buying.
Wait — this was supposed to be a hurried post. Oops.
Disclosure: No positions. I am a customer of Tim Sykes and InvestorsUnderground and an affiliate of both of them. I have a disclosure policy that gives details on those relationships.