Watchlist for September 4th

Long

BGMO — technically this is a buy on red/green or $1 cross (hat tip to Preston for finding this); but this is a really sketchy pink sheet company so I will avoid buying it. If it spikes another day I may look to short.

UTSI — buy on break of $2.43 or red/green

SHZ — buy on red/green or break of $2.00

IPII — short on green/red or a gap down of less than 10 cents (with stop at red/green). It spiked just a couple days ago and fell nicely the next day.

Disclosure: No positions. I have a disclosure policy.

This entry was posted on September 3, 2009, 4:39 pm and is filed under All Categories. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed.

23 Comments

#1 by Preston on September 3, 2009 - 5:16 pm

Thanks Michael, is your last chart suppose to be IIG, or IPII.

I really like the IPII set up and the BGMO as well.
#2 by Reaper on September 3, 2009 - 5:22 pm

IPII Preston — thanks for mentioning that, I just fixed it.
#3 by Preston on September 3, 2009 - 5:41 pm

Of course buddy.

How did you like the set up on IFON when I went short on the 2.00 cross, not bad or……not good.

Just checked Ameritrade for shares on IPII, they do not have any right now, bummer. Maybe tomorrow but I doubt it.
- #4 by Reaper on September 3, 2009 - 9:06 pm
  
  Let me turn that around. What are you looking for with that trade? Why did you do it? What is your stop and where would you take profits?
#5 by Preston on September 3, 2009 - 9:36 pm

The volume was fading while trending down and I used the 2.00 mark as my entry with a loose stop of 2.05, it took out 2 and fell quickly to 1.81. I closed at 1.84.
The profit didn’t cover my commissions but my execution was pretty good I thought.

I really thought it was a decent set up, good volume, no news I could see.
- #6 by Reaper on September 3, 2009 - 10:10 pm
  
  I don’t see a clear play there. It had been below 2 after the initial spike, so it wasn’t clearly breaking to new lows. It was still up big on the day and its action after the spike was choppy.
  
  It looks like you played it very well … btw, another reason I love IB is that you can play small in size and not kill yourself with commissions … the minimum commission on an order is only $1 (on 200 shares).
#7 by Preston on September 3, 2009 - 10:29 pm

So it’s just over trading on my part, looking for something and breaking rules to make a trade look good. After looking at the chart more carefully it was still choppy with no clear fading as I suggested. It could have very easily spiked up and forced me out, I see it now.
Thinking back I was more……. acceptible to the trade because of the round number cross, which as you pointed out had already happened one time, I didn’t even pay attention to that.
If there was a better entry it might have been breaking that low after the initial spike (1.84-86), still not saying that is a good trade but maybe better than the one I made.

Thanks for analyzing that for me, I know it takes time for you to do that.
It’s been 4 weeks since reading your first blog and I think I have improved………… some. I have digested a ton of information in a short time.

haha, needless to say I was sending you about 5% of my profits after commissions……..hehe. Maybe tomorrow it will be better.
#8 by sleepy on September 4, 2009 - 1:08 am

BGMO- looks like a supernova to me, look to short tommorow?
why look to long?
- #9 by Reaper on September 4, 2009 - 8:32 am
  
  sleepy — supernovas have to go up before they come down. Also I don’t see any shares available to short of it. And notice I said I wouldn’t buy it because it was a sketchy company … the chart still says “buy” to me if it continues to have strength.
#10 by Preston on September 4, 2009 - 8:45 am

Yeah I agree, long way from a supernova. Maybe on a 30 day chart where the line goes straight up but that’s decieving, 10 day 5 min chart shows this one going up more IMHO.
Of course, that and 5.00 will get you coffee.
#11 by Preston on September 4, 2009 - 8:47 am

SVA has the normal swarm of releases this morning, probably good for a quick spike. I haven’t found anything negative yet, but it happened yesterday and they fell like Obama’s approval rating.
#12 by Preston on September 4, 2009 - 8:57 am

AEN building momentun off of something, getting close to a dollar, could be another great one on the cross. I can’t find news on this one.
- #13 by Reaper on September 4, 2009 - 9:20 am
  
  10 cents off its pre hods … may be decent right out of the gate.
#14 by Preston on September 4, 2009 - 9:53 am

Kool, I’m going to do the webcast, rules will apply to that as well right. The only thing stopping me, or might stop me from that is an emergency job where I have to go on night shift, that would suck.

BGMO was an easy play this morning, of course IFON took my last day trade till Mon. I know, don’t point that out to me as another downside to the trade.

AEN pretty easy play as well, though a little riskier right now, maybe Monday if it holds up.
- #15 by Reaper on September 4, 2009 - 9:55 am
  
  AEN so bad … no momentum at all. Looking at it made me miss EXXI. And yeah, that would apply to the webcast too.
  
  BGMO looks like its momentum is dying … I wouldn’t want to be long it. Nothing else from watchlist did anything interesting.
#16 by Preston on September 4, 2009 - 9:54 am

SVA dropping below 9 would be a good short, it’s going to tank. News is no longer affecting them.
#17 by Preston on September 4, 2009 - 10:14 am

Damn, yeah sorry about that.
See, during the week I’m on a little lap top, now I’m home on my wide screen with three charts up at one time, the spike I see in AEN was still pre-market, tanked after open. I have your website covering up half of my trading screen. Still so much to learn.
Yeah BGMO, but everything kinda looks like it’s dying, kinda slow I mean.
There goes SVA, if it breaks that support it could fall good.
- #18 by bta on September 4, 2009 - 10:33 am
  
  nailed EXXI when it busted .85ish resist in the pre-market
  in @.89
  out @1.10 (hit by trail stop)
  +140 after commissions
  
  -bta
#19 by Reaper on September 4, 2009 - 9:27 am

Okay … post coming this afternoon, but if anyone wants to go to Tim’s seminar in Las Vegas on October 18th and 19th, use my affiliate link to sign up and I will throw in a 1.5-hour trading consultation over the phone! (If you sign up for 1 day of the conference it will be a 30-minute trading consultation.) Just send me an email right after you sign up using my link below.

(The link for the seminar is right below the first line of DVDs in Tim’s store): http://www.reapertrades.com/timsykes
#20 by john c on September 4, 2009 - 11:51 am

wow merc went up .20 this time.
Sadly im long BGMO on todays peak.
and GFGU on todays peak.

i shoulda kept my money safe :/
#21 by Island Minister on September 4, 2009 - 1:17 pm

It’s 1:15, and your UTSI red/green call is rockin’! Hoping for the 2.43 breakout
- #22 by Reaper on September 4, 2009 - 1:18 pm
  
  yeah I saw but not until 2.24 … I didn’t want to chase considering it usually doesn’t move a ton and resistance at 2.43
#23 by Island Minister on September 4, 2009 - 2:30 pm

Yep, and it’s looking like a green to red short now. Just posted about you and your site @ http://missiontrading.blogspot.com Hope you don’t mid- if you do, it’ll disappear.

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