TIM $14,443 (down $2 on the day)
Shorted 500 JMBA @ $5.04, Holding Overnight
Today is a day where I really hate the bastards at the SEC for imprisoning people with accounts worth less than $25k. Finally some nice volatility, perfect for day traders of all shapes and sizes (well, not ALL sizes)!
I think I’m nearing my day trading limit for the past few days, so I couldn’t risk it. And for the record, just because I don’t care about what some old guys says/does for the economy doesn’t mean I don’t care about people’s reaction to that old guy, as delightfully bearish as that initial reaction has been. That’s all I’ll say about you know who.
I shorted 500 shares of Jamba Juice (Nasdaq: JMBA ) right before the market close at $5.04 today not because I don’t think the company will succeed—they might—but because the chart pattern fits perfectly with my strategy (short selling recently strong stocks on the first signs of weakness). Look at that pretty little chart below, isn’t she a doll? Low lows all day long—taking out morning lows and holding below them is niiiiice. There’s some support in the $4.90 range, but if that gets taken out—ideally due to more old guy-related panicking—there’s a clear path to $4.50, a nice 10% gain, or $250 for TIM. Yes, please. Can’t wait for the support to be taken out because AMEX stocks drop too quickly to get a short off, but I didn’t take a full position (which would’ve been 700-800 shares) because a.) the market might spike, uplifting people’s spirits enough to increase people’s smoothie consumption (my sarcastic mocking of fundamental analysis as it relates to the overall market here) and b.) it didn’t crack support!
Update: I’m an idiot for thinking this is still an AMEX stock, wow, what can you even say to that? Covered my 500 shares at $5.21 for an $84 loss at the open, yes, it’s downtrending now, but I cut my losses quickly because I never want to risk big losses. And, the beautiful thing about holding overnight is that I can re-enter this for a day trade (or another overnighter) if and when it cracks $5 support
CYGT—pretty ugly earnings, but what did you expect from a 5 cent stock whose largest customer is the ever-depressing Six Flags? The good news is the new CEO has cleared away confusing write-downs and there were buyers in the stock today. Again, nothing really matters except for customer wins form their new software, financing, an audit, a better exchange, the FDA announcing that theme park attendance is mandatory for those with diabetes, etc.
JAVA—it wasn’t up 280%+, it was a reverse split!
GNSS—buyout, I don’t touch those
FCEL—positive earnings, I’m long biased for the time being, but not touching it just yet
FRPT—wow, I wish I had more conviction in my cynicism, this company is screwed! Ramping production just as the Marines and now the Army are cutting your product, ouch! Too risky though to short due to possible spikes.
Update: The only stock on my watchlist that is down, wow, this thing has gotta sting, right, longs?
CSIQ—the perfect stock to day trade, easy technical breakdown thanks to the old guy at $23, some more downside, but see SOLF as to how risky it is to stay short these suckers
RCH—need more conviction in holding my shorts, beautiful, beautiful panic/stop losses getting taken out when it cracked $10 this morning all the way down to $9.30 within a few minutes. That’s one of my DVD’s core trading patterns and even though I profited yesterday, I still got too scared and coulda woulda shoulda profited even more aka why others WILL do better than me—c’mon you knew I had to mention it, I gotta get paid selling crack to the kids, that’s just the way it is!
AMPX—scary strength all of a sudden, I ain’t shortin’ it until it shows me some weakness
CRDC—stupid company, they never seem to realize you can’t come out with negative news every time the stock begins to spike. One of their shareholders should buy management a copy of my DVD for the holidays so they’ll learn to embraces short squeezes, not destroy them.
Overnight Chankuah Position: Short JMBA, but I still love their smoothies
Posted in CYGT