TIM $14,040, Down $1,135 on the Day, No Positions
A Horrible Trade Mixed In With A Little Redemption
MOJO HD aired the first episode of Wall Street Warriors last night – whatcha guys think? They were also kind enough to post the entire first season online for your viewing pleasure.
So, junky old COIN put out another fluffy PR this morning, but that combined with a strong open, squeezed the stock big time. COINW moves exponentially compared to COIN so I followed my rules, cut my losses immediately buying 1000 shares at $5, TIM’s biggest lost to date ($1250!!) and didn’t look back. Sure, everything faded but hindsight is easy. Probably could’ve used a little more patience and covered at $4.30-$4.50 at the open, but overall not a bad decision to cover, since it could’ve gone to $6 quickly if COIN had managed to squeeze. Couldn’t risk that, gotta protect against disaster at all costs and while a $1,250 loss hurts, it’s not disaster—keeps me in the game for another day.
The redemption part comes in when COIN, after an initial $1 run up, went negative on the day, telling me that the fluff couldn’t hold it up (crashing market helped too), signaling a short, since no shares were available, I re-shorted 1,000 COINW at $3.88—great re-entry as COIN dropped to being down 30 cents on the day and I covered at $3.55ish, a solid $300+ gain.
What as waste of capital, really gotta be more careful on my entries and exits. COIN held up surprisingly well, either gonna be a gradual downtrender with spikes along the way (short when strength is rolling over), a continual spiker (buy on breakouts) or something messy (avoid altogether). I truly hope it can break $14 but until it does, it’s too messy/cluttered for me to trade at all.
Lots of interesting charts/potential plays (I’ll post this weekend), but I didn’t even think about playing anything else today (not that my crappy buying power would even allow it)—after this loss, my mindset is all screwed up.
Besides, my awesome WallStrip interview hit today and Dealbreaker was kind enough to post my screen name in this article so I’m having too much fun responding to everyone; what a life!
