This was sent to TIMalert subscribers around midnight so they could be prepared for the trading day:
Just as I said in my morning alert when I covered JSDA for a $400 gain, lots of people were picking the bottom, so much so that it became a self-fulfilling prophecy…for now at least. 2-3% up moves are nice, but the bigger question is whether all-important GE can stay alive…
GE had a great morning plummet of 15%, but rebounded when executive said everything is fine. Nothing is fine, executives are liars—as proven by similar statements made by LEH, BSC, C and BAC executives—2 of which are completely gone, the other 2 barely clinging to life.
PALM reported some of the worst earnings I’ve ever seen, opened down near $7, squeezed shorts in a morning spike to near $8—the pattern is outlined in my PennyStocking Part Deux DVD—and then faded gradually back to $7 at the market close…was tempted to short near the market close, but this is a tricky one and methinks there’s too many shorts in this to compete against, especially in a potentially hugely rising market…I’ll let the momo fade a bit more before really considering a short.
JSDA broke down yesterday in near perfect fashion—except for that short squeeze morning spike—dropping 17% on the day in a huuuuge up market…no matter how you slice it, ‘twas a great setup/call…I screwed up my entry, shorting at $1 instead of the $1.15-$1.20 range, covered yesterday morning into the stop losses at 89 cents/share instead of waiting for the afternoon fade which brought it to 75 cents…so I made $400, but left $600 on the table from a bad entry and another $400 from a bad exit…get used to it, I usually screw up the trades, but it’s the setup that matters to you…and some of you, especially PennyStocking DVD students, check out the happy TIMalert subscribers:
Total net profits of $727
-T.B.
out of JSDA, profit of +$270.
-Reaper
just covered at .95….wish make more but $150 after commission…I am happy..
-JSP
Covered at .89 for $105 dollars profit.
-W.
just punched out of JSDA for a 15% gain (short), nice call Tim
-BGW
IDT announced a deal at 8:3am yesterday, but somehow managed to spike form $1 to $1.80 just after 2pm yesterday…no idea why, maybe a newsletter mention or something…longterm chart is one of the worst I’ve ever seen, every spike has been a good time to short into..so this is a potential short on any further strength.
BX continued its upward trajectory in a typically sloppy manner…I gotta stop watching it, this is not the kind of price action I look for, but I can’t help it since its nearly doubled off the lows.
CY broke out nicely, not because it’s anything special, it’s just following the market….but a breakout nonetheless….potential buy.
MIC bounced 30%ish for a 2nd day in a row after losing 30% 3 days in a row…now it’s nearly doubled off the lows, it’s a potential short as the company is in big trouble with their huge debtload/failing economy as they basically admitted in their eanrings conference call…
MGM is going bankrupt, welcome to reality folks, multi-billion dollar business fail…late night talks with financiers have apparently failed…I won’t touch it since the news will probly make it tank from the get go today—and even if it doesn’t, I won’t short because maybe they will get financing.
APOL is far from a penny stock, but they had some pretty nasty stuff written about them by Andrew Left of Citron Research…go visit his site and sign up to his free newsletter…I got the email when the stock was at $71 and it closed at $66 on strong volume…the guy has followers, understand that and consider every single one of his reports a potential short.
ZAGG is on my watchlist again because it surged 17% yesterday, closing at $1.58, just 2 cents away from a true breakout…this stock is going places, but earnings (potential catalyst) aren’t until the end of the month and volume is light…I remember what happened last time I bought the breakout only too well so while I’m watching it for a potential buy, I need more volume/some catalyst to get me to pull the trigger.
Posted in Potential Plays