CHATROOM

Follow The Rules Of Shorting Or You Lose Hard Earned Money

January 24, 2008 at 3:07 pm
by Timothy Sykes

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TIM $15,175, Up $120 on the Day, Short 1,000 COINW @ $3.75 Overnight

Lots of crazy COIN-related trading in the afternoon, shorted 1,000 COINZ at $3.85 mid-day, right near the day low, thinking COIN would crater—eventually proven right, but not before a big spike—COINZ actually made it all the way to $4.25, luckily I got out $4.03, $200 loss wiped out good MBRK morning trade, but didn’t want to risk a big loss. Even though all this COIN crap finished down, it’s a good TIM Lesson: Don’t short just because you think a stock is breaking down, wait for some important level to be taken out first

When COIN did take out that level–$10.40, the morning and mid-day low and only up 20 cents or so on the day, also a prime candidate for an afternoon fade due to the double top at $11ish—I decided to short my other borrow on the day COINW, shorting 1,000 shares at $3.75, a horrible execution—missed $3.95 by a few seconds—but I didn’t know how quickly it’d fade. Along with COIN, fade it did and that’s why I have a profit for the day and probable gap down tomorrow on this SB-2 filing after hours news. Maybe a scary morning spike, hope not.

MBRK cover at $3.04 didn’t turn out to be too bad—these FDA news movers can sometimes hold their gains rather well, no meaningless how stupid their solution seems.

SYNA getting killed after hours on earnings warning, aka the reason why you should never buy falling knives—there’s usually a reason. VPRT blowout earnings an exception.

ETFC soooo easy a buy on all their good afterhours news, after the halt, plenty of stupid sellers in the $3.50-$3.70 range, now $4.20, def. no more buying power for me today, gonna work harder to get that up!

JMBA turned in a great gradual performance, should keep going—can’t use any of my precious buying power on something so gradual though.

Posted in Potential Plays, Short Selling

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  • TonyEllis

    I’m in there with you…small position but I’m tired of sitting on the sidelines

  • kelvin

    nice tim, shorted HSNI at 8.4 cover at 6.91 and 6.95. Thanks

  • PCola77

    Geez, took me like a week and a half to get filled…

  • TonyEllis

    Slow, but the volume spike is encouraging. Just hope the market doesn’t sell off to bad into the close.

  • AdamN

    In IDAE here as well, low floater w/ a nice volume spike today. Been on the sidelines for a little while myself, first Tim Alert trade I’ve made this month. Let’s hope for a gap up tomorrow.

  • djvenom

    My order is still not filled. Been like 20 mins

  • http://www.timothysykesexposed.com jkrakowski

    my order was filled in 1 minute HAHAHA

  • bat711

    That’s because this is an illiquid stock until the TimAlerts folks jumped in.

  • http://mcbowler.com mcbowler

    Im in, what do I have to lose? just 1600 shares.

  • http://mcbowler.com mcbowler

    Hmm.. “Social Network Enable Group Gifting (SNEGG) platform that will enable multiple individuals to conveniently contribute to a group gift.”

    What do you think Tim wants from us?

  • http://www.test.timothysykes.com timothysykes

    Here’s something for you all to ease your mind abt IDAE and enjoy a bit of finance humor: http://tinyurl.com/5dewl8

  • Yngvai

    I got in on IDAE at $2.18.

    But FUCK! I shorted MSC in the last hour of trading at $4.03. It was breaking down nicely…big spike in terrible chart…almost 100% off its lows on no news. It went red on the day and closed at $3.86….OR SO I THOUGHT.

    Then it looks like there was an after-market print 6600 shares at $4.45, putting me down $200 on my 500 share position.

    This thing better open tomorrow back near $4, otherwise I’m toast on this play.

  • Shaker

    Happy Gilmore for costume (other site won’t load comment for me and wanted to go on record)

  • Peter Piombo

    To Keep My Mind Off My IDAE Position…. I keep thinking about weird things like, ” W ” should pardon OJ, before he bolts from the White House.. It would look kinda funny if Obama does it in 4 years…. Plus Oj never used the guns… ” W ” has dropped more gunpowder than any person anywhere, ever!! With many fatalities to our Homeboys and many of innocent in a couple other countries. Oj, only caused 2 fatalities and people still like him better than ” W “………..yeah I puffed on a good one! :)

  • YoungGunz

    I’ll be away from the trading desk and I couldn’t get a fill for IDAE before the close. I didn’t feel like taking the sellers ask of 2.27. I suppose if I really wanted in the trade I could have just gave in and grabbed them. I have a lot of stuff going on for Halloween and will probably miss the show. Have my son’s daycare halloween party and have to get the house cleaned up for a little adult party on the weekend then head for trick or treating. The inlaws pack all the kids on a trailer pulled by a 4 wheeler around their ritzy neighborhood.