Where do I even begin on this one. Like my previous near-perfect call on fellow joke of a company pump and dump VRML, my readers made much more $ than I did. In fact, I lost a bundle shorting CNEX the other day at $6, admittedly too early/forced to due to the circumstances, covering at $7.20 yesterday, not wanting to risk a big-time gap higher/possible short squeeze today. Fortunately for me, there were shares available to short this morning so I reserved 500 and as I posted HERE, I planned on watching this one all day, shorting only when the pattern was to my liking.
After a slight gap higher, the buyers were drowned by sellers—we’re talking 10k volume here folks, nothing major—so I quickly placed an order to short sell with a limit of $7 when the price was $7.25 x $7.30…3 minutes later the priced had cracked big-time below my limit and it appeared I hadn’t gotten my execution. Damnit! Having been in this spot many times before, I knew it’s tough shorting into probable morning dumps so I lowered my limit to $6.50…nope, still no execution…20 seconds later and the stock was testing $6.
It was then I had the option of lowering my limit and grabbing shares there and while I certainly thought about it, the anemic volume and potential for a snapback rally didn’t suit my conservative TIM tastes. That’s something I’ll always regret for while I posted “it ain’t over yet” and “$6.16 is a good entry!”, I did nothing except check to make sure my readers had gotten or were getting short…good for being a teacher, pathetic for being a trader.
That’s when the stop losses really started getting taken out and within 12 minutes, CNEX tanked below $4, a drop of 46% in 30 minutes! Gotta love frauds, they really can fall completely apart within minutes and hours—much better than real companies!
So when people post stuff like “I like the short strategy, especially in this market but not on these crap companies” and TheLion.com deletes my messages when I post about Pink Sheet stocks, you know there’s something wrong with people’s biases. Definitely the result of everyone associating people who post about these turds with pumping them, PennyStocking hits that bias smack in the face—and that’s why it continually works, whether or not I screw up my own trades.
Cuz it doesn’t really matter how I do, I’ve made my $, now it’s time I pass this game onto you guys…trust me, it’s gonna be much more fun to see if I can create dozens or hundreds of millionaires, then I really will be like Archie Manning guiding my sons to the Super Bowl! So yes, I’ll sound like a used car salesman—I don’t give a sh#$ what anyone thinks—it’s my readers profits that speak louder than I’ll ever be able to…as I close out my instructional DVD by saying “you can do better than me!”…I mean that with every ounce of my soul.
Soon there’ll be a TIMtestimonials page where you can post all your gains and profits… kinda like a PennyStocking Wall of Fame…can’t wait til we have the first TIMmillionaire…god damn that’ll be a beautiful day…for now, take a look at some recent comments I’ve seen: (I have no idea if these guys are telling the truth, but given the stocks, entries and exits listed, I wouldn’t be very surprised )
Wes takes a 30% profit on this one
This guy made $21,000 on this play and supposedly $150,000 on my last 4 picks…yes I am looking forward to his donation
Even Jeff R. over at Elitetrader made a cool $1,000!
Anybody else out there with your stats, feel free to post ‘em, be totally honest, I don’t think you could’ve done any worse than me!
PS Now that I’ve just written this nice post, I see a stock SSBX which I had 2,000 shares to short, and which I wrote about this morning, tanking perfectly after a gradual fade off of some perfect sideways action…god damnit! Another one missed, wow, this is just getting emasculating. I gotta choose, teacher or trader? Def. having problems being both.
Tags: Breakdowns, Fess Up Time, Impatience, Manipulation, Patterns To Short, Short Selling, Supernovas
