Trade recap for November 17th: My pathetic inability to trade supernova NLST

Another disappointing day; I captured less than 1/3 of the profit that I should have had in NLST. Still, another $1k+ day.

Trades at IB:
SLD   1,000   IMGG   false   Stock (OTCBB)   1.6400   USD   ARCAEDGE   09:43:02       5.00
SLD   500   IMGG   false   Stock (OTCBB)   1.6400   USD   ARCAEDGE   09:43:33       2.50
BOT   500   IMGG   false   Stock (OTCBB)   1.4350   USD   ARCAEDGE   10:20:52       2.50
BOT   500   IMGG   false   Stock (OTCBB)   1.4600   USD   ARCAEDGE   10:21:39       2.50
BOT   500   IMGG   false   Stock (OTCBB)   1.4700   USD   ARCAEDGE   10:22:23       2.50

NLST 4 day chart

NLST 1 day chart

Daily profit: $1,574.43 (after adding in profit on position closed after-hours; see comment #1 below)

Disclosure: Short 5,000 shares of NLST. No positions in any other stocks mentioned in this post. I have a disclosure policy and you can find all my disclaimers there as well; those disclosure & disclaimers are incorporated by reference into this post.

This entry was posted on November 17, 2009, 4:30 pm and is filed under All Categories, Supernova, Sykes-type Shorts. You can follow any responses to this entry through RSS 2.0. You can leave a response, or trackback from your own site.

21 Comments

#1 by Reaper on November 17, 2009 - 4:33 pm

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Covered 1k of the 5k I was short 3 minutes after this post was published, at 3.96. The profit total has been updated but the disclosure has not. So I am now short 4k NLST.
#2 by johnc on November 17, 2009 - 4:38 pm

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wow… dude you sound so sad…. :*( DONT WORRY THOUGH YOU’LL GET THE NEXT BIG SUPA-NOVA!!!.
#3 by qbantek on November 17, 2009 - 4:39 pm

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I wouldn’t call disappointing a $1k+ profit day

FWIW: I followed your tweet when you shorted @ ~ $5.50 and made a nice profit for myself.
#4 by MostlyLucid on November 17, 2009 - 5:23 pm

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I share the pain of a profitable day that still leaves me unhappy. I had a intraday margin call from TOS due to a “software account glitch” (their words, not mine) that caused their clearing house to issue a call and a request that I close out my positions until the margin call was met. Ended the day up 600+ but missed most of the downtrend on NLST AND left over .40 a share on LVS on the table. Everybody I talked to at TOS agreed with me but there was nothing they could do. Their margin manager said he has not ever seen a call like this. Really rather dishearting! — Anyway, met the call so I am good for tomorrow — just don’t have a good setup now!
#5 by MostlyLucid on November 17, 2009 - 5:28 pm

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wow! — I just listened to your recap — you DO sound sad! You need a good steak and a nice red wine. Come to STL – I have the steak house all picked out.
#6 by Preston on November 17, 2009 - 5:37 pm

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qb, considering he traded 15000 shares of a stock that tanked 20%, I think I would be pissed too.

I hope you get some redemption tomorrow for your efforts, you deserve it.
#7 by Reaper on November 17, 2009 - 5:38 pm

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Okay, if anyone wants to make me happy, please vote 5 for a couple of my requested features at IB (only IB clients can vote; to set up your account to vote you need to go to IB Account Management > User Management > Voting subscription):

http://www.interactivebrokers.com/en/general/poll/poll.php?sid=3733

http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4696
#8 by qbantek on November 17, 2009 - 5:59 pm

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Preston, yeah I know… not extremely happy myself… could have made a lot more: I ran out of my short when Tim did bec. I was afraid of a squeeze… we all know what happened next.

But hey, I wish for many more days like this one, where I made a few mistakes and ended with a $1k+ profit

Sorry Reaper, can’t vote on IB. Cheer up, that 4k shares position looks like a sound one for tomorrow’s game
#9 by Jamal Chahboune on November 17, 2009 - 6:26 pm

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Yea Michael, no need to be pissed. It tanked, but you’re right when you say there was no easy entry. Especially since your preference is shorting on green/red action which never even occured. Pretty much any entry would have needed to be played with a very loose stop.

You did well lad!
#10 by chris c on November 17, 2009 - 7:26 pm

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noticed you bought imgg….nice! hopefully we see a good day tomorrow
#11 by Preston on November 17, 2009 - 7:37 pm

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chris, he is short on IMGG….I still don’t understand how you guys make money going long these POS stocks.
I barely make profits with iron clad systems following rules that really work.

qb, yeah congrats on your gains, you have been doing really well lately. You need to be updating your Covestor if it’s not auto, you will be sorry if you don’t take the time to do it. IMHO
- #12 by Reaper on November 17, 2009 - 7:49 pm
  
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  Was short IMGG. No position now.
#13 by Reaper on November 17, 2009 - 7:49 pm

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No watchlist tonight.
#14 by qbantek on November 17, 2009 - 8:30 pm

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Thanks Preston.
I stopped updating covestor because is not automatically linked to my broker (Sogotrade) so I had to manually type every trade… a pain when you keep on adding lines to your ToDo list and your free time drops to zero. I am still using Trade Performance free version (http://www.tradeperformance.com/) to track my trades, but only for personal use. Luckily for me, I do not need to prove my own performance to others (it’s so low that everyone believes it… LOL)
#15 by Preston on November 18, 2009 - 9:12 am

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NANO tanking this morning, maybe a good short after the run up.
- #16 by Reaper on November 18, 2009 - 9:14 am
  
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  They just announced a stock offering.
  
  I’m all out of NLST for another $500 or so.
#17 by Preston on November 18, 2009 - 9:21 am

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Congrats on NLST.
I’m stubborn, still holding. I believe this thing tanks further after opening spike. I’m going to hold a little longer with my small position, and I’m in at 5.24 so I have some room.
#18 by Reaper on November 18, 2009 - 10:36 am

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I hope everyone covered NLST shorts! While I’m still annoyed at how I traded it yesterday I feel better considering my good cover this morning (I was watching and about to cover when he who shall not be named covered).
#19 by Preston on November 18, 2009 - 10:49 am

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Fuck it, covered for break even. I’m eat up with stupidity.
I guess it will dive now, to distraught to play it again.
- #20 by Reaper on November 18, 2009 - 10:52 am
  
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  Welcome to the suck … at least you don’t have a loss.
#21 by Reaper on November 18, 2009 - 10:51 am

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New post: http://www.reapertrades.com/2009/11/the-six-rules-of-trading/

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Trade recap for November 17th: My pathetic inability to trade supernova NLST

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