Day Trades Today and More Potential Plays

Tags: CYGT, Expos

TIM $13,980 (down $70 on the day)

Overall market today—boring , lifeless, not worth detailing.

IAAPA /
ance.yahoo.com/q?s=cygt.pk”>CYGT —After trying out Sega’s 3D theater (which rocks!) and going on some cool rides, I got to see CYGT’s new ticketing technology firsthand. It’s amazing. Stock performance aside (barely any trading volume today), they’ve spent a year working on this new software and it shows—I’ll have a detailed post this weekend when I can attach some screenshots and pics from the expo.

CSIQ —decent pre-market strength (up 50 cents or so), no gap-up whatsoever though, early morning spike ($2!), but then a gradual fade throughout the rest of the day. The spikes are nice, but before I go long, I want the stock to show me that it can hold its gains! Still watching it, but highly doubtful I’ll do anything.

QSC —I short sold 500 shares at $4.09 right near the market open because, after opening down 10%, I thought it might crack the technically important $4 barrier and then panic selling would bring it down to the $3.50-$3.75 range, at which point I’d cover for a quick $150-$250 in profits. I was right about the stock cracking $4, but it only got down to the $3.85 range and I decided to hold for larger gains. I liked the afternoon action (stayed negative, fading trading volume), but became worried when the stock closed strongly into the close (breaking past the mid-day spike price of $4.20). Considering Friday is the worst day of the week to be short and my 7am flight back to NYC means I’ll miss the market open—I covered my 500 shares after hours at $4.35 for a nasty little $140 loss (including commissions). It’s too early to tell if this was just a fakeout to scare shorts like me, but I can’t risk an early morning spike when I’m not gonna be around to do anything about it! Tough trade, but a good exit, no matter what happens tomorrow.

SMRT —glad I didn’t short it as I was 100% right that after a pretty decent drop, there’s not much downside left right now. Still on my watchlist, but probably won’t touch it.

XRM —very nice bearish price action all day (each bounce met with selling, finished near the lows)—still have my 300 shares short from $5.82, I expect further weakness, even if the trading volume will most likely remain minimal. Ideally, I’ll buy to cover my short position in the low $5 range ($200ish profit) And, guys stop worrying about that one insider buy—you’ve been brainwashed—insider buys are usually meaningless , especially when the resulting price action increases a company’s marketcap by $50 million!

JRJC —Damn! Perfect technical crack off the resistance (former support) in the $31-$32 range, now back down to $28ish. Shoulda woulda coulda shorted 100 shares yesterday for an easy $300 profit today. Def. won’t be the last trade I miss–just a part of trading.

GSOL —Wow! I knew this company had run up on Alibaba hype and that it looked a little pricey, but I had no idea how pathetic their earnings would be! I mean c’mon—you’re a Chinese e-commerce/B2B play and your revenues are only growing around 15% annually??!?! Please, even my crappy little CYGT is growing faster than you guys! And, what’s worse, they still haven’t figured out how not to sound defensive in their PR “…management still expects revenues to be up…” Even after the drop today, this is a company trading with a forward PE of 30! Hint: only premium companies deserve premium valuations. I’d short this if I had patience, but it’s now a fundamental play and TIM doesn’t have the assets to wait for a 20-30% move that could take months to play out.

Friday’s Potential Plays—Local.com (Nasdaq: LOCM ) look interesting for a potential short (on some puffy licensing news today ), but it’s too early to take a position (this one can really run). I’ve got 2 media interviews tomorrow afternoon so my trading will be slim to non-existent. But I’m not missing much as I just spent a few hours looking for interesting plays and nothing popped up—this tends to happen in bear markets.

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