How I Screwed Up Shorting Cannon Exploration Inc (CNEX), Down 40% Today, While My Readers Are Making Tens Of Thousands
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.
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- My First Yahoo! Finance / TradingMarkets.com Article: How To Short Sell Pumped Up Penny Stocks | TIM - Timothy Sykes
- The Pump And Dump Blues: Nothing Compares 2 U, In Loving Memory Of Cannon Exploration Inc (CNEX) | TIM - Timothy Sykes
- These 15 Hot Stocks Are The Sketchiest Group Of Characters Ever Assembled! | TIM - Timothy Sykes
- Two Interviews: One Video, One Written, Both Edu-tainment To The Max! | TIM - Timothy Sykes
- The Right & Wrong Way To Short Sell A Fraud Like Kentucky USA Energy Inc. (KYUS) | TIM - Timothy Sykes
- Manipulation Monday: 9 Stocks Me Likie To Short Sell…Eventually | TIM - Timothy Sykes
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| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| Aug 18 | FOUR | $2.80 | $2.66 | $342 |
| Aug 14 | APII | $2.66 | $3.30 | $1261 |
| Aug 12 | APII | $3.25 | $3.40 | $285 |
| Aug 7 | NOBL | $5.02 | $5.49 | $680 |
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Total: $25,376 (
104%)
51traknologist(TIMBUCKS: $67)
May 14th, 2008 at 3:11 pm
rch is dropping already
52wes
May 14th, 2008 at 3:19 pm
Aye I shorted RCH at 8.7
53investorslive(TIMBUCKS: $217)
May 14th, 2008 at 3:21 pm
HOLY cow CNEX losing $2
54wes
May 14th, 2008 at 3:28 pm
Anyone in RCH, when do you plan to cover? Going to hold it overnight?
I got in at 8.7 and I see possible resistance at around 7.85..Seems thats where the stock was intended to trade before buyers rushed in for more gains. They DID announce really good earnings. Something like 5mil NI vs 1 mil NI from last year.
I’ll prob hold it overnight since I dont want to use 2 daytrades today.
55timothysykes
May 14th, 2008 at 3:35 pm
new post is up, my first yahoo! finance article, guess whats it about:
http://www.timothysykes.com/20.....ny-stocks/
hater, pro traders are great, but amateurs and people with small accounts shouldnt be competing alongside them, they should be down here in the gutter where its easier. see CNEX, get for 1,000 shares positions, not 100,000 shares
RCH, probable gap up tomorrow, not for me
56Bubba Wantzta Know
May 14th, 2008 at 3:40 pm
Does anyone out there pay any attention to the Rabbitt Q-Rank and has it been useful at all?
57yaktipper(TIMBUCKS: $71)
May 14th, 2008 at 3:45 pm
Watching CNEX tank was amazing! Congrats to everyone who got an execution.
58Naoya
May 14th, 2008 at 5:31 pm
sykeshater1,
Smoke my dick in Hamptons instead of cuban cigars. I made my 2 mills not stock but business, I don’t say stupid things like you say. small ones have always have the bigger chances.. Every one has his own way that works.
59timothysykes
May 14th, 2008 at 7:08 pm
new post:
http://www.timothysykes.com/20.....-inc-cnex/
60Ben_Bien(TIMBUCKS: $137)
May 14th, 2008 at 7:14 pm
hey, when I become a millionaire using your method, I will certainly call myself a TIMillionaire, I don’t give a shit. Gotta carry on the LEGACY that is PennyStocking.
61shesnikov(TIMBUCKS: $10)
May 14th, 2008 at 11:16 pm
The rsi is what cracked today, I think you guys are jumping for joy a little too much on small money.
You seen FSLR first solar tank to $150 in January…that is where I come in.
This is a nice website but you people need to spend much more money to get more bang for bucks.
62shesnikov(TIMBUCKS: $10)
May 14th, 2008 at 11:20 pm
I will say this that the best short in marketplace is own short in backyard. I have many sucesfull recipies for disaster and short selling is my key to billionaire status.
To be american millionaire with weak falling u.s. dollar does not have the luster it once have had so ben-bien I would not take pride in comment.
63shesnikov(TIMBUCKS: $10)
May 15th, 2008 at 10:11 am
jesseb: Gene Simmons? LOL
64noobtrader.08(TIMBUCKS: $160)
May 15th, 2008 at 5:48 pm
Timmer… with all due respect… I think you answered your own question at the end of this article - you asked yourself “Teacher or Trader?”; earlier in the article when you said this, “… I’ve made my $… now it’s time to pass this knowledge on to us, your students…” or something to that effect.
Once I start trading, and I won’t for a bit longer, until I’ve A) purchased your DVD and B) read a couple more books…
I have to say, the $$ that can be made doing this is amazing, and I truly believe I will do well; my best education will come when I’m actually trading in the trenches, but more than anything I REALLY, REALLY want to understand/GET IT, this game. It’s truly fascinating…
Until such time for me to trade though, I’ll continue to live vicariously through “ya’ll” and soak up as much as I can. I look forward to joining the team soon though.
65JH
June 25th, 2008 at 8:45 am
I am glad to hear i wasn’t the only dufus to fall for the hype of CNEX and some of the “GREAT” guidances that Pinksheet puts out. CNEX was a tantalizing stock to get into when i heard about it and the quick ride up it took within days was fantastic…is the faster drop it took after it hit 7.?? that really took me by surprise…i guess this is a perfect example of pump-and-dump. by the time i checked by on that day, i was out 80% and i guess the old “wait and it will rebound” did not work either…”live and learn” or in this case “LOSE AND HOPE TO LEARN!”