When the stock you sold yesterday surge today, you can’t help but ask “What if I just held”. Hindsight is easy—but there was no way of me knowing if POT would report solid earnings and that MOS and MON would continue to surge. MOS is now $15 above where I sold it and it hurts. Even though I had nearly double the shares in MELI, which is $5 above where I sold it, that doesn’t hurt as bad. But that’s trading, you either take calculated risks and you get rewarded or you don’t.
Onto today’s main potential plays—COINW, COINZ and MBRK. All three low priced poppers up more than double off their recent prices, all three I have 1,000 shares borrowed to short in the afternoon, if their price action deems them worthy of my cash. MBRK is just its first day breakout so unless it really starts to fade (a break of $3.25), this is the most unlikely short.
COINZ and COINW obviously follow COIN, which is on its 2nd day of its runup, but it has a low float, agri is strong, tends to go further than most people expect and the whole market could keep rebounding, again if it starts to fade, none of that other crap matters, this piggie is going down. COINZ is looking preferable since COINW is already $1 off its ridiculous highs this morning.
Also watching FFIV for further strength after solid earnings/upgrades, looking for strength although its gonna be tough since its up so much already (just like CREE yesterday which failed miserably into the close).
UPDATE: Shorted 1,000 COINZ at $3.85, I want 50 cents to the downside, COIN is looking weak, as is the overall market, both could collapse seemingly easily (or could be a mid-day fakeout in which case I’m screwed), I like the fear I don’t like the large spread (3.75 x 4) on COINZ, but there’s no COIN available to short, so I gotta deal with it.
UPDATE 2: Shorted 1,000 MBRK at $3.23, covered 5 minutes later at $3.04, nice, easy, predictable $170 after commissions. TIM Lesson: When a stock that’s up 150%+ breaks intraday support, it’s gonna tank hard–short it. Now it’s at $2.88, I didn’t even have to cover so quickly!
