Just two stocks on watch tonight, but they are two good stocks! Heck, who needs me for these watchlists? Preston already mentioned these an hour ago!
SNSS – Okay, news was two days ago, and yet it waited until today to really run. I’m short biased, but it could have another big day. This is my top watch (and probably is for everyone else, too).
AKNS – Is news of selling their product at Lowes really worth a 50% gain? I will take my cue from the black candle and short with abandon on red! As always, I will not look to short if it gaps down.
Disclosure: No positions in anything 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.
#1 by Preston on December 10, 2009 - 9:21 pm
HWD, MDW and UPI are potential breakouts, but like the rest of my b/o picks that either go in the opposite direction or sideways I’m surely wrong.
Since I study every move you make and try to put reason as to why you make it I should get lucky every now and then.
#2 by qbantek on December 10, 2009 - 9:31 pm
Preston dude, you really need to get some more self confidence, lol.
You are doing great, I can see it from your covestor account.
#3 by johnc on December 10, 2009 - 10:34 pm
Preston get a blog up…
blogger.com or wordpress.com
Adsense and Analytics links to blogger very simple
TradesPresto.com
PrestoTrades.com
I just redid my blog again…
#4 by Preston on December 11, 2009 - 2:30 pm
John, prestotrades made me really laugh last night. I will start considering a blog but I have a long ways to go and a lot to learn. I do appreciate the encouragement from qb and yourself.
By the way qb, what is the name of your blog? I never knew you had one.
#5 by johnc on December 10, 2009 - 10:35 pm
I like looking at everyones daily watchlists and reading the details to why everyone posted certain stocks on their page.
#6 by Terry Whitmore on December 11, 2009 - 12:24 am
Nat gas prices are set to rise, and speculative nat gas penny stocks are ones to watch. Check out PED, it ran nicely today. I think it could be one to pop..
#7 by Reaper on December 11, 2009 - 9:15 am
Wow that is a horrible chart. Considering how little it moved up yesterday and how normal the volume was I would not want to buy it.
#8 by Preston on December 11, 2009 - 9:34 am
Terry, playing stocks like that for the reasons you talk about will lose you money 99% of the time, you will get frustrated very quickly.
#9 by Preston on December 11, 2009 - 9:36 am
NCR gapped up this morning and has a huge gap to the low 12′s, maybe a play till it gets there.
#10 by Reaper on December 11, 2009 - 9:37 am
PED is being pumped.
BTW, -$250 on trying SNSS long twice. Good trades. Too bad there are no shares to short anywhere because this thing is going to tank!
#11 by Preston on December 11, 2009 - 9:38 am
SNSS going red
#12 by Reaper on December 11, 2009 - 9:40 am
Sogo has shares, actually.
#13 by Preston on December 11, 2009 - 9:38 am
I’m short 800 at 1.40
#14 by Preston on December 11, 2009 - 9:42 am
I thought you had an account at ToS that’s with Covestor, maybe that was Sogo.
SNSS trying to bounce, this is not going to be a easy play.
#15 by Preston on December 11, 2009 - 9:48 am
Volume is fading nicely and that last spike was very weak.
#16 by Reaper on December 11, 2009 - 9:54 am
I tried shorting 1k on red, but I got out just now. This could go sideways for awhile or spike more. With no morning panic in sight I don’t really want to be short this right now.
BTW, -$120 on my accidental short of 10,000 AKNS … this is the second or third time I’ve done that with Sogo … I really don’t like their platform.
#17 by Myrrh on December 11, 2009 - 9:53 am
I’m short SNSS at 1.42
#18 by Myrrh on December 11, 2009 - 10:01 am
Well that was fun. Out 1.525
-120 SNSS
#19 by Preston on December 11, 2009 - 10:02 am
Well it’s having a hard time breaking down, I’m out for -100, I’ll try it again when the conditions are better
#20 by Preston on December 11, 2009 - 10:05 am
We just got our asses handed to us.
#21 by Reaper on December 11, 2009 - 10:06 am
Hey, if you got out with a minimal loss, you still have your ass intact.
I cut my earlier loss from going long SNSS by buying the breakout; didn’t play it well, but made $125
#22 by Myrrh on December 11, 2009 - 10:06 am
I wouldn’t say that was a python squeeze but it was boa constrictor like. Enough for me to cover. Crap. If I had just waited for it to spike, then maybe go for a short. I think I forced this.
#23 by Preston on December 11, 2009 - 10:24 am
Well there was a small profit there from 1.40 to 1.35 or so, so I have no excuse. And yes Michael your right, two months ago I might srtill be holding this wombat jackaloon of a stock right now.
#24 by Reaper on December 11, 2009 - 10:26 am
The Reaper bestiary:
wombats & ducks = good
jackaloons = bad
#25 by Reaper on December 11, 2009 - 10:25 am
Really wish I’d flipped long on the red/green then green hold …
#26 by Preston on December 11, 2009 - 10:26 am
wow, CYCC trying to b/o again, I missed shorting it yesterday.
#27 by kfisherprotege on December 11, 2009 - 10:33 am
Speaking of Cali pharms, I missed SNSS, but do you think LJPC is due for a quick breakout? It’s always showing up on my screener if I remove the price filter.
#28 by Preston on December 11, 2009 - 10:50 am
yep, once you get short biased it’s hard to flip.
#29 by Preston on December 11, 2009 - 10:59 am
Damn, did you know it had some long term resistance at 2.04ish, that would’ve been a great buy point.
#30 by Reaper on December 11, 2009 - 11:07 am
oddly enough I did not check the long-term chart on this prior to just now.
#31 by Preston on December 11, 2009 - 11:11 am
Well we suck, – Ducks for both of us, and now there are no shares at AMTD to short. Of course this stock is way above my head to play.
#32 by Preston on December 11, 2009 - 11:13 am
The 2 cross was where it took off, I’m sure what you will talk about in your re-cap this afternoon.
#33 by Reaper on December 11, 2009 - 11:18 am
Nope. The easiest trades IMHO on SNSS today would be shorting it at 2.40 on the big spike or buying it on green/red/green.
#34 by Preston on December 11, 2009 - 11:26 am
Yep, I tried getting shares at 2.30ish, not saying I would’ve traded it but just checking on shares. Now it is clearly fading, but this thing could take off again.
I am proud of myself for cutting my losses this morning, after looking back on it that could’ve been bad.
#35 by kfisherprotege on December 11, 2009 - 11:23 am
another short oppty right about now. Oh look who showed up? Our old friend SEED. It may be due for another b/o after the first one.
#36 by trivto57 on December 11, 2009 - 11:52 am
so was Sogo’s “no shorting under $3″ rule just smoke? I had account registration at Sogo pending when NLST nova’d but I put it on hold. It seems you are getting most of your non-IB shorts from Sogo so I may go back and complete it.
#37 by Reaper on December 11, 2009 - 11:55 am
I have no clue. I had heard about the rule and I thought my order would be rejected, but it wasn’t.
#38 by qbantek on December 11, 2009 - 12:28 pm
I had the same question (sogo and shorting under 3)
It did not let me short SNSS @ 2.30, I have the regular sogotrade though, changing to sogoelite now.
#39 by Reaper on December 11, 2009 - 12:30 pm
Just promise not to get a margin call or anything … I want to continue to be able to short <$3 stocks at SogoElite!
Of course, this from a guy who had half his account wiped out in an NLST gap up … (I was hedged in my IB account at the time but I had to wire money over to Sogo to meet the margin call).
#40 by Jamal Chahboune on December 11, 2009 - 1:01 pm
lol at
“Just promise not to get a margin call or anything”
qbantek you could make life easier on yourself by cutting out the middle man (Sogo) and going straight with Genesis Securities. Im suprised at the amount of people that persist with Sogo’s problems and don’t go straight to Genesis. Investimonials says they are better than IB also.
#41 by Reaper on December 11, 2009 - 1:03 pm
Most of us are too cheap to want to pay $2k per year in platform and data fees … and yes that is what Genesis costs, per their quote to me a year ago.
#42 by Jamal Chahboune on December 11, 2009 - 1:08 pm
yea its like $200 a month. pretty sure you can lose $200 a month from not being able to short stocks under $3 or by getting bad fills like you said you got with Sogo a little while back. i guess you have to weigh it up.
#43 by qbantek on December 11, 2009 - 2:18 pm
My 2 big complains from Sogotrade: no after hours trade (this one first – solved once you move to elite) and no Level 2 access (get it from some other place) …
I have some other complains like: their web interface, no direct access, no complex orders matching pre-entered criterias, no default sizes, etc… I can live with all that.
I love their commissions and shares availability.
I am only a part time trader and $200/mo for the soft goes beyond what I expect to pay. I probably would pay for it if I were a full time trader like Reaper and be profitable enough, of course.
#44 by Myrrh on December 11, 2009 - 2:30 pm
Reaper (or others if you care to comment):
When a stock like SNSS has such incredibly high volume, does that super high volume by itself create more difficulties or challenges in the trade? It just seems with so much liquidity there on this day, it could be so slippery either way. Thanks in advance.
#45 by Reaper on December 11, 2009 - 2:38 pm
IMHO really high volume ones have more fakeouts and are harder to trade, because there are so many traders involved.
#46 by BearNine on December 11, 2009 - 2:59 pm
Reaper what L2 do you think is more reliable, TOS or http://www.level2stockquotes.com/level-ii-quotes.html
that
#47 by Reaper on December 11, 2009 - 3:35 pm
No clue, never really used either.
#48 by Preston on December 11, 2009 - 3:12 pm
Yes, agreed with reaper.
#49 by qbantek on December 11, 2009 - 3:14 pm
Bearnine: I dunno about Level 2 from TOS but the one on the url you linked to shows only ARCA, not good. They used to show also NASDAQ and BATS, still not good.
You need something like TotalView from NASDAQ (http://bit.ly/8PGJuO), I believe alphatrade.com has a 14-day Free Trial at http://bit.ly/7Uyi6l
#50 by Reaper on December 11, 2009 - 3:36 pm
Arggh, can’t believe I got out of SNSS on that last bounce to 1.80. Oyvey.
#51 by tbohen on December 11, 2009 - 4:21 pm
I came REAL close to shorting SNSS, especially when you said this.
“Previous support, when broken, becomes resistance. I am using that to my advantage right now.”
Glad I didnt now, I would have ended up holding over the weekend, and even thought it will probably tank, I have better shit to do then worry about a BS pharma company popping out of the gate on monday.
#52 by Reaper on December 11, 2009 - 4:22 pm
Again, not an ideal trade due to time of day, and I wouldn’t have held short over the weekend, but good risk/reward imho.