5 Stocks In Play Right Now: Day Trading Charts For One And All!
Yesterday I posted charts I was watching without commentary, thinking–or hoping–you guys were beginning to understand this game…other than 1-2 correct answers, the lot of you are still lost…tells me I’ve got a lot more work to do! That’s fine, bring it, one opportunity at a time…here’s today’s watchlist in order of the likelihood of me playing them:
(COT) Multi-day breakdown if and when it cracks $3.25, several failed tries now, scary scary stock to short…got me thinking that even if it does crack, it might still bounce…we’ll see
(NOG) Who says the 3rd up day of a big runup is usually a down day? Well, I do…but not when it’s during a multi-month breakout on solid news with a solid base just $2 below…last time this thing spiked, it jumped 55%, that would put a similar spike at $11..before shorting, wait to see the whites of their eyes!
(ORGN) We talked about this one yesterday and some of you profited nicely from shorting into that financing-news-induced-spike, let’s see how it plays out, I’m in no rush to short a stock already 50 cents off its highs
(VLNC) You think I’m cynical when it comes to these fraudulent crap companies, helllll no! I don’t do the digging not only because it’s safer to think the worst of each and every company (you’ll never be disappointed1) but because I’m afraid of what I might find.. Citron Research has no such qualms, check out their review on recent high-flyer VLNC. Scary stuff, these guys have a good track record, so you gotta respect their influence.
TIM Lesson: Never be long a Citron Research-covered company….ever
(GBRC.PK) Nice little two-day spike, but it’s really not up enough and it’s tough to find shares to short, boooooooo
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| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| July 23 | MKTY | $4.73 | $5.40 | $187 |
| July 22 | MKTY | $4.10 | $4.28 | $240 |
| July 21 | ZYXI | $3.03 | $3.18 | $130 |
| July 15 | MNLU | $6.37 | $6.73 | $340 |
| July 11 | IDAE | $2.27 | $2.49 | $630 |
| July 8 | ERII | $11.29 | $11.00 | $162 |
| July 3 | TGC | $2.14 | $2.39 | $471 |
| July 2 | HYGS | $2.15 | $2.29 | $260 |
| July 2 | TGC | $3.44 | $3.49 | $80 |
Total: $22,457 (
81%)
1GabeC
April 10th, 2008 at 9:25 am
How about BPAX Tim. low volume. Looks just like PSTI
2Samuel
April 10th, 2008 at 9:27 am
Yes, you committed to teach us, so we need to learn, explanation would be great opportunity to learn and understand. Without explanation, for example, TITN yesterday was breaking up into a new 52 week high but failed and dropped back. Had you shorted that one at open and waited 15 minutes, you would have 1.5 points gain. But it bounced back made 52 week high, and then at closing, it was all red. Without keen eyes to look and bright mind to understand, you will be toasted. Thanks for descreptions on each chart today.
3timsykes
April 10th, 2008 at 9:29 am
bpax, still 30 cents away from breakdown, probly not gonna happen today
TITN, i don’t short breakouts, risk reward sucks…i dont buy titn either cuz of so many failed breakouts
4t-digg
April 10th, 2008 at 9:41 am
Missed the damn PSTI spike, in at 4.50.. Tim you still in this?
5timsykes
April 10th, 2008 at 9:48 am
covered 1/2 at 4.40, not liking these big buys and its inability to crack this 4.35-4.40 crap
6timsykes
April 10th, 2008 at 9:51 am
cool guess i covered 700 not 500 shares, good i’ll take that, reduces my risk and i have no problem holding these 300 shares, either cover when it cracks or add when it spikes
7monkiman
April 10th, 2008 at 9:58 am
thanks for the charts tim, you should make a paysite for it and allow members only to view it. $2.95 a month, or something like that.. hell, I wouldn’t mind paying $10 a month.
made alittle money on IMMR
8ViciousChicken
April 10th, 2008 at 10:03 am
Early to tell, but it looks as though NOG may be finding resistance around $9.75, and may start to go sideways around $9.50. How much of a drop do you think we will see from this between today and tomorrow?
9GabeC
April 10th, 2008 at 10:04 am
IMMR is dropping drastically. I got a good short this morning, hope it continues.
10timsykes
April 10th, 2008 at 10:06 am
no, this’ll never be a pay site, maybe a premium feature somewhere down the line, but i wanna open this game up to everyone, too many bastard pay sites have kept it a closed society for too long
nog, i hate commodities plays, i hate amex, i doubt i’ll even play this one unless the price action is really exemplifying an afternoon fade
11A
April 10th, 2008 at 10:09 am
Thanks TIM. I don’t sign up for pay sites. Am a 20-something who has lots of bills/college loans/rent to pay every month. Need to conserve every last dime if I want to have any trading capital. Thanks for keeping your site open to us common guys.
12Samuel
April 10th, 2008 at 10:11 am
NOG, already faded, down at $9.15, probably will bounce back, a guess.
13Max
April 10th, 2008 at 10:12 am
hmm, prts cracking soon? can’t seem to bust $4
14timsykes
April 10th, 2008 at 10:15 am
yeah NOG mornign breakdown not ideal for me
PRTS so what if it does crack, what its gonna do go up 20-30 cents max? booooooooooooring. focus on volatile stocks
15Andrew
April 10th, 2008 at 10:19 am
cot!
16TechTrader
April 10th, 2008 at 10:21 am
Tim-
Do you think the penny stocks follow the Japanese candlestick patterns any better or worse than more widely traded stocks?
Thanks
17GabeC
April 10th, 2008 at 10:21 am
bye bye COT
18timsykes
April 10th, 2008 at 10:37 am
damn cot, couldnt wait til the afternoon that sux
of course i think penny stock charting is more effective, there’s no fundamentals, technical analysis is your only guide whatsoever
19Tony Ellis
April 10th, 2008 at 10:43 am
MBRK trying to breakout. Needs some volume,
20timsykes
April 10th, 2008 at 10:48 am
problem with MBRK is its a turd, got a lot of conservative thestreet.com investors in i t and like taking their 5-10% gains, makes breakouts tough
21A
April 10th, 2008 at 10:54 am
Thanks for the Citron Research link TIM. Now that is TRUE FUNDAMENTAL ANALYSIS.
22Andrew
April 10th, 2008 at 10:54 am
COT isn’t moving! I’ll never understand what dilweeds are keeping this POS alive.
23Andrew
April 10th, 2008 at 10:58 am
They make RC cola for fucks sake!! Anyway, support is moving in price. Everytime the stock moves up a cent, big orders move up a cent. Prolly need to see a real crack to jump in.
24timsykes
April 10th, 2008 at 11:02 am
ignore COT’s fundamentals, this is a morning breakdown, not as reliable as in the afternoon
25cacaosteve
April 10th, 2008 at 11:02 am
PSTI just cracked 4.35
26cacaosteve
April 10th, 2008 at 11:02 am
for a few seconds…
27Andrew
April 10th, 2008 at 11:03 am
NCEN taking a hit all of a sudden
28timsykes
April 10th, 2008 at 11:06 am
4.35 isnt as important as 4.30 and 4.25 (u dont know the exact suport point, just judging from big block buys there)…not gonna be easy to crack, volume is anemic, reserved another 1,000 shares to short just in case
NCEN should get hit, it was a dead cat bounce
29timsykes
April 10th, 2008 at 11:18 am
covered the rest of PSTI at $4.37 up 14 cents/share, too many big block buys, anemic volume, taking too long to break support…this is just me being me, still have 1,000 shares to short later if it ever decides to take out 4.30/25 convincingly
30Fleeter
April 10th, 2008 at 11:22 am
Since you are mentioning it right now Tim, when you “reserve” shares at ToS, are they simply setting aside the amount you ask for? No fees involved until you put the short into play? If so is there a limitation to how long they hold the shares for you?
(I asked this in the Q/A forum last night if you want to reply there.)
31gerlando
April 10th, 2008 at 11:42 am
Tim,
Could you give a quick how-to on reading Level II charts? I know you mentioned you don’t use them much but you keep referencing them. What do large orders on the bid and ask sides tell you about the potential price movements?
32timsykes
April 10th, 2008 at 11:42 am
fleeter, just answered your Q in the forum
COT just cant hold up, really wish itd go sideways, ah well missed out on 10 cents/share….so far
33timsykes
April 10th, 2008 at 11:43 am
gerlando, on the new site, there’s gonna be many basics articles, reading level 2 will be one of them
34Jeff C
April 10th, 2008 at 11:48 am
Tim, will you have screenshot examples from TOS of what you see, ie level 2, screen configs, etc. Thanks.
35timsykes
April 10th, 2008 at 11:51 am
‘ll have screenshot but it wont be from TOS, i use etrade pro cuz i’ve used them since my big $ days, i dont use them as a broker just for visuals
36Jeff C
April 10th, 2008 at 11:55 am
You know that’s what I do as well, partly because I can’t see Level 2 buy/sell blocks, not sure what I need to do to see them…
37eric
April 10th, 2008 at 12:10 pm
Tim…I cant wait for your Level II tutorials! Ive never been sure if Im reading them correctly. Thanks!