Okay, I sure ain’t The Doctor (who might say it like this), but if I were on his show as The Reaper then I would have to utter the line, “Just this once, everybody dies!”
OPTT – New contract announced, which is really just clarification and further information about an earlier announcement months ago. This did not gap up but gained strength throughout the day as day-traders got into the hot stock of the moment. It faded in the last hour. I like this as a short on red.
EMMS – Hmm, radio still doing fine. This chart looks nice for a long.Volume did not pick up until the afternoon.
Disclosure: No positions. I have a disclosure policy.




#1 by Preston on October 14, 2009 - 8:06 am
Quote
ACPW has news and is blowing through resistance in pre-market.
#2 by Preston on October 14, 2009 - 8:17 am
Quote
CHIO is showing some strength on no news, needs to break 1.75 or so to be a buy.
#3 by Preston on October 14, 2009 - 8:24 am
Quote
BMTI is blowing through resistance on news, could be a pre-market leader.
#4 by Preston on October 14, 2009 - 8:47 am
Quote
CNO has some news and consolidation on their chart, resistance around 6.30.
#5 by Reaper on October 14, 2009 - 8:49 am
Quote
ziop, pkt, cno, mbhi, casm, acas, nsph, rgn, uec, ftbk, bmti also up big in pre
#6 by Preston on October 14, 2009 - 8:54 am
Quote
ZIOP is also blowing through resistance on news.
#7 by Reaper on October 14, 2009 - 9:10 am
Quote
BMTI going to gap to 52 week highs
#8 by Preston on October 14, 2009 - 10:05 am
Quote
Momo buyers must have stayed home today, there were several nice setups that didn’t mature yet.
#9 by betheball on October 14, 2009 - 10:14 am
Quote
big gap ups scare the momos. i think you will find that momentum plays work most reliably in flat, choppy broader markets.
My theory is players get bored in those markets and tend to congregate in a few momo stocks.
#10 by Preston on October 14, 2009 - 10:38 am
Quote
btb, I was thinking the same thing, thanks for putting logic to my thought.
#11 by Preston on October 14, 2009 - 11:14 am
Quote
Damn, I missed OPTT short on red, that was a good call.
#12 by Wallie123 on October 14, 2009 - 1:37 pm
Quote
OPTT was a good call but a lot of people got squeezed. I am one of them
, but i think i did the right thing even though the stock is now at 7.15. The way i see it. The stock went red then went green and broke the morning high. Breaking the morning high was my stop loss if it didn’t break that i would have held. With the market up as much as it was I was afraid of a squeeze to 8.5 or so. I got out for -200.
#13 by Preston on October 14, 2009 - 1:55 pm
Quote
Yeah, I made that comment after seeing the price down and not looking at the chart.
I would say you made a very good call sticking to your plan.
#14 by Reaper on October 14, 2009 - 1:55 pm
Quote
Annoying, that was. It was picture-perfect after that spike.
#15 by Preston on October 14, 2009 - 2:10 pm
Quote
LEE might go red on the day.
#16 by Jamal Chahboune on October 14, 2009 - 3:20 pm
Quote
Sometimes it is easy to get caught up in market noise when using a small time frame for charting. 1-minute chart would have defiently got you juiced today on OPTT. Looking at the 5-minute chart (my personal favourite), you would not have got caught up in the fakeout move and (probably) participated in the real tank.
#17 by Reaper on October 14, 2009 - 4:17 pm
Quote
Jamal — you imply the use of a modified time-stop. If the price action is unfavorable and/or the stock hits my mental stop, I get out. I don’t wait. I just get out.
#18 by Jamal Chahboune on October 14, 2009 - 4:41 pm
Quote
No, I did not mean it like that. I meant that you would not have even been in the position in the first place if you were using a 5-minute chart since the 5-minute chart does not show the breakdown to be anywhere near as convincing as the 1-minute chart. Based on a 5-minute candlestick chart, the fakeout breakout would not have bee entered on but the real breakout would have. In my opinion
Pingback: Trade recap: A swing and a miss « Reaper Trades