Trade recap / watchlist: All eyes on NLST

I had a profit on NLST that erased my previous losses on it. The end appears near for it, although the stock has not yet collapsed. So ALFFS. See my video from last night if you want my thoughts on trading it and watch my video below.

NLST 4-day

NLST 1-day

Daily profit: $902.00

Disclosure: No positions in any 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 16, 2009, 4:02 pm and is filed under All Categories, Watch List. You can follow any responses to this entry through RSS 2.0. Both comments and pings are currently closed.

50 Comments

#1 by Preston on November 16, 2009 - 5:06 pm

AMTD has shares right now, man I wonder if I should open a position.
#2 by Preston on November 16, 2009 - 5:14 pm

Nevermind, after much deliberation with a client rep he tells me that the shares are not available, or something like that.
#3 by Victor on November 16, 2009 - 5:48 pm

Time to short on BRYN and wait for the inevitable dive down to .05
- #4 by InvestorsLive on November 17, 2009 - 7:36 am
  
  That’s what I lot of people said about VKNG at this level too.. then what happened?
- #5 by Victor on November 17, 2009 - 11:34 am
  
  then what happened? was I right or was I right?
#6 by Preston on November 16, 2009 - 7:32 pm

DAR could be a breakout stock for tomorrow, it held up today and is at resistance.
NANO and TSTC both have nice charts but could make nice shorts when they break down, if they do.
#7 by jw on November 16, 2009 - 8:40 pm

When you reserve shares, anyone know how long they are reserved for? I can’t imagine indefinitely….
- #8 by Reaper on November 16, 2009 - 8:41 pm
  
  http://www.reapertrades.com/2009/09/how-to-borrow-shares-to-short/
#9 by rodica on November 16, 2009 - 9:14 pm

Reaper,

Whats NSLT average price in your sogo account, if I may ask?
Also, since I’m new in trading this kind of super novas how can I estimate how much this junk would fall at the first fade?
Thanks
- #10 by Reaper on November 17, 2009 - 7:27 am
  
  Do the math yourself. I had 10k shares short, covered 6k around 6.75, 1k at 6.25, and 3k around 6.60
  
  When this thing drops I expect no less than 20%. But I always trade based on price action, not expectations.
#11 by Preston on November 17, 2009 - 7:55 am

CHBT showing strength this morning but it has several resistance points to break.
#12 by MostlyLucid on November 17, 2009 - 8:02 am

I have 2k shares reserved @ TOS for NLST – thinking this may be the day for this to breakdown.

Also in a swingtrade for LVS – this could pick up a couple of points over this week with their hong kong IPO set for the 20th.

been day trading LVS for some pretty nice profits all last week — execpt got caught in a short position over the weekend – very dumb move – gave up the entire weeks profits….kicked myself but good.

http://ehotelier.com/hospitality-news/item.php?id=P17520

good luck to everybody today.
#13 by Preston on November 17, 2009 - 8:20 am

I have a problem now, I have shares but no day trade, that’s why I wanted to enter yesterday.
- #14 by Reaper on November 17, 2009 - 8:22 am
  
  ouch … I’m glad I’ve never suffered from the PDT
#15 by Reaper on November 17, 2009 - 8:22 am

I have 10,000 borrowed of NLST. Hopefully it doesn’t open around 5.90 where it is now; gaps down are hard to play.
#16 by Preston on November 17, 2009 - 9:01 am

NGSX may open above resistance on news.
#17 by Preston on November 17, 2009 - 9:47 am

You really have a big influence on me, I held back and did not make that trade. 3 months ago I would have and I’d be sweating bullets right now.
- #18 by Reaper on November 17, 2009 - 9:50 am
  
  Glad to hear it. NLST a perfect example of why it is risky to short stocks that gap down a bunch. I actually shorted and covered 1500 shares for -$15 looking for a morning panic. Now I am hoping it doesn’t collapse before some nice sideways price action in the afternoon. Then I’ll short when it breaks below that sideways price action.
#19 by Preston on November 17, 2009 - 9:57 am

Well, for what it’s worth that spike didn’t impress me and the volume is fading now, I think you will get your wish soon.
I hope you kill it.
#20 by tbohen on November 17, 2009 - 10:33 am

Interesting, I think thats the first time I’ve been able to get shares mid day from TOS, especially this early.

Anyway I now have some NLST but will be gone till this afternoon, hopefully she’ll hold up till then.
#21 by Mins on November 17, 2009 - 10:35 am

ORS is up today with no news.

Reaper
I remember once you recommended it to play.
Is it good to play now after this gap?
- #22 by Reaper on November 17, 2009 - 10:49 am
  
  volume too low to interest me.
  
  Stocks are like prostitutes … use ‘em and lose ‘em. Just because a stock was interesting to trade a month ago doesn’t mean I’m still interested in it.
#23 by MostlyLucid on November 17, 2009 - 10:36 am

Yep..I got NLST 1500 short from TOS as well….liking how the chart is setting up so far.
#24 by Yngvai on November 17, 2009 - 10:43 am

Yeah I was a bit too aggressive shorting NLST, going for the morning panic….got in at 5.43. I held through that spike to 6 (really I should’ve waited for a spike since it had gapped down), now it’s at 5.50ish. I’ll keep holding my short as long as it remains under 6
- #25 by Reaper on November 17, 2009 - 10:51 am
  
  Wow that is a large stop.
  
  Here’s my tweet of my short:
  “I took a half position (5k shares) short NLST at 5.50 … yeah not a great entry, I’m probably early, but I like weakness of its bounces”
  
  http://www.twitter.com/reapertrades
#26 by Yngvai on November 17, 2009 - 10:55 am

Yeah it is a wide stop but as you said, the bounces are weak. Normally I would take losses quicker but I have a max loss set on my Cy Group account. I took a larger position than normal on this, so if I had my usual stop, I would be over my max loss and not be able to re-enter today. This is way too good of a Supernova to not be able to re-enter, so I’ll only get out if I’m REALLY wrong here.
#27 by Yngvai on November 17, 2009 - 11:15 am

Looks like another weak bounce and fade here….5.80 looks to be a resistance level, with 5.40ish support
- #28 by Reaper on November 17, 2009 - 11:17 am
  
  I don’t like its ability to spike quickly … I don’t really know if that means anything in terms of the direction of the stock, but it is not fun to see it jump 10 cents at a time sometimes.
#29 by Yngvai on November 17, 2009 - 11:25 am

Well one positive sign is that trade volume is falling way, way off
#30 by johnc on November 17, 2009 - 12:17 pm

Got in at 5.50 ish shorting NLST…. what i dont like is the support at 5 from yesterdays low’s. It just bounced back up but its not spiking which is safe enough for me

I’m really hoping buyers step off, and it drops to like 4.80 which i think is quite fair.
#31 by Preston on November 17, 2009 - 1:21 pm

I am considering opening a short position here to hold overnight in NLST. I think this tanks between today and tomorrow, even if it does spike I think it will never touch 6.00 again. IMHO
#32 by Yngvai on November 17, 2009 - 1:23 pm

Well I just covered at 5.44 to break even. I didn’t like how it was basing at 5.22. This stock certainly is stubborn. I’ll look for another entry tomorrow.
#33 by Reaper on November 17, 2009 - 1:27 pm

I covered the rest of my position at breakeven at 5.50; Thankfully I’d covered some earlier so I did make $980.

Hopefully there will be another good shorting opportunity this afternoon.
#34 by Preston on November 17, 2009 - 1:41 pm

The multi day chart is beautiful for a tank tomorrow if it holds red today. This thing still has a ton of downside, no sense in getting impatient.
Congrats to you guys for banking on it.
#35 by Reaper on November 17, 2009 - 2:08 pm

I want NLST to break $5 before I re-enter. If you look back to yesterday there is some support there. Once it breaks 5 it should tank quickly on stop losses.
#36 by Reaper on November 17, 2009 - 2:28 pm

reshorted 5k NLST @ 4.97
#37 by Preston on November 17, 2009 - 2:31 pm

It just broke below 5, I have 400 shares at 5.24 to hold overnight. I couldn’t resist it, this thing is too pretty and I can’t let you have all the fun.
#38 by Yngvai on November 17, 2009 - 2:36 pm

I’m short 600 shares from 5.18
#39 by Preston on November 17, 2009 - 2:52 pm

That bounce on that short covering was weak and predictable, this thing is going down.
- #40 by Reaper on November 17, 2009 - 2:57 pm
  
  I covered the shares I reshorted for -$24. Oh well.
#41 by johnc on November 17, 2009 - 3:00 pm

Just covered at $4.86 for a daily profit of $630 on NLST…
Might re-short before the end of the day if it spikes
#42 by johnc on November 17, 2009 - 3:03 pm

I don’t think its going to tank a whole lot tomorrow though. It looks like its fading out rather then plummeting.

RTK and VG type chart?
#43 by Preston on November 17, 2009 - 3:17 pm

john, I think you need to adjust your chart, this is a tank.
#44 by johnc on November 17, 2009 - 3:22 pm

yea it is…. im a little upset i covered today…
#45 by Preston on November 17, 2009 - 3:29 pm

Type your comment here
#46 by Yngvai on November 17, 2009 - 3:36 pm

Just covered half my position at 4.57….holding the rest overnight
#47 by Preston on November 17, 2009 - 3:37 pm

Damnit, there goes another duck!!
- #48 by Reaper on November 17, 2009 - 4:26 pm
  
  Of course, you did hold onto that short and picked a good time to short. So I think you actually win a duck or two.
#49 by johnc on November 17, 2009 - 3:52 pm

jsut got filled the same time Tim’s alert went out…
#50 by johnc on November 17, 2009 - 4:32 pm

500 shares overnight at 4.33… hoping for an open below that so i can take some more profit. couldnt close the position today because of the SEC trading rule.

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