The following was sent to TIMalert subscribers at 1AM this morning:

The market went sideways yesterday and the cries of bottom got louder. Somehow I don’t think we “bottom” right after we failed to hold November 2008 and more importantly the 2002/2003 lows, more likely, we get a bounce right to that important level and then we fail to hold it.

Anyway, some interesting stuff: you can win a free copy of ANY of my instructional trading DVDs by guessing the March 13th closing price of FAS…just leave a comment on THIS post

Yes, I have an account now with Interactive Brokers AND Thinkorswim. You must realize that if you have the $, you should have accounts everywhere to increase your odds of finding hard-to-borrow stocks. Those who don’t understand that are about as smart as THIS lady (Latressssssa!) who called 911 3x because her local McDonalds ran out of McNuggets (read it and you’ll laugh)

Plays to watch today:

JSDA is the one I’m short overnight on, see me entire rational and outlook HERE

ABD was morning panic that flatlined throughout the rest of the day…not much of a trade here unless you shorted right at the market open (which is risky)…will it crack that sideways price action and take out lots of stop losses on the way down? Tough to say as it’s an earnings play, I’ll try to reserve shares to short just in case.

BX really squeezed the shorts on strong volume, too bad the price action is soooo choppy, there’s no way a not-so-great-timer like (and probly you too) can get in on this and not risk an early death due to a heart attack. Congrats to you superior timers and those who bought into the noon and 2pm breakouts…good stock for scalping 10-25 cents/share, not my game.

COIN rebounded 30%, not because the company has anything going for it, but it’s dead cat bounce…there haven’t been any shares to short of it for a while (since the shorts understand how good the odds are this thing fails), so I’m hoping for a big dumb-penny-stock-sap inspired rally to squeeze some shorts and let me get in there in the high $1s/under hardcore resistance at $2…amazing people still believe in this, but penny stock investors and their miracle products don’t give up easily…always looking to blame others when it’s their own fault for being so gullible…if you see a COIN investor, just smack ‘em, and say “snap out of it!”

GE is now officially in penny stock price area…did you ever think you’d see it? Learn not to have any assumptions like “stock x can never trade so low/high, it’s physically impossible”…as we’ve all learned in the last year, anything’s possible…especially when credit, leverage & illiquid assets are concerned. It’ll be interesting to see if the stock’s already priced in probable credit downgrades, forcing them to pay more interest, the whole market is watching to see if Mr. Market can take down another deny, deny, deny CEO just as it did with Bear, Lehman and BAC. I’m not touching it, too scary to short—which is clearly what the trend says to do—as we all know Obama/CNBC, nobody’s gonna let this thing go down the tubes quietly.

XTEX was the short alert I sent out to TIMalert subscribers at $1.70 the other day…20% lower yesterday, probly not the end of the drop, but the pattern I was aiming for is now over…more importantly, I’ve got several testimonials from happy subscribers (I never got the short off, detailed post coming tomorrow):

Net profit on XTEX was $1354.25 -tbohen

Held on until $1.50, sweet $630 profit from my $1.68 entry, thanks Timmay! -George

RATE actually did act rather perfectly, retesting its former support around $23 and now back down to $20.50…bottomed right at $20.02 today, I know, yes I know, if it’s around that $20 area again and sellers start chomping away at that bid, there could easily be a fully predictable drop from $20 down to $19.50 or even $19, depending on how many stop losses there are….that kind of a short selling strategy is a favorite of mine as those of you who have watched my PennyStocking Part Deux DVD package know, potential short…of course it could also bounce right at $20, so be very very careful, I’m not gonna short until there’s been some severe damage done to the buyers at $20 that makes me think it’ll go over the edge, just like JSDA at 99 cents today (JSDA was already down 30% off its highs so I wasn’t expecting much more of a drop today…)

PALM warned on earnings after the market close yesterday, revenue just over half of expectations, pathetic, but the stock isn’t even getting hit that hard in afterhours action because there’s still hope for their Pre phone…baloney..this is how hype works and how it cracks, cracking below $7 is a major technical breakdown and if it doesn’t bounce, this could be the start of a long downtrend, potential short!

Tags: Potential Plays, Testimonials