Recap for 1.28.019
CVSI 83m, This OTC Life Sciences Ticker actually develops synthetic CBD. What the F#ck. Nature has provided a potent medicine and these jack legs insist on synthesizing it. I like the chart for a short set up and currently have a position with a risk above Friday’s highs. The trouble is that the sector leaders are still strong. If 5.25 gets rejected, and we have a nice red day, I would consider adding to my current position. Current Plan - Short 500 CVSI @ 5.19, Risk @ 5.39, Reward @ 4.59 This ticker had about 15cents of range today. It had a push early on to 5.34 and had lows of 5.16 I added into the g/r weakness which only works well after legitimate extension on the daily. I covered for a loss. This closed near highs, so continuing to hold short has too much gamble.
CRON 177m, This NASDAQ Weed Ticker is a Canadian Pharma investment firm that is at all-time highs. The price of this ticker is getting a bit “irrational” so I am looking for a solid red day/panic that will give the longs a reason to start selling. This has already had 3 or 4 breakdown fake outs, so don’t doubt how far this can go. An ideal scenario would be a push to 20, big rejection that pushes back toward 17, and then look to short the bounce with risk off of highs. CRON approached 19.40 in p/m then offered nice 1.00 upswings after finding support in the 18.20 & then 18.40 area. Overhead resistance @ 19.50 was too great and this quickly gave up 2.00 share. Nice range. I expected a bit much, but was only off my 40-50cents. The perfect entry for my plan would have been 18.60, but I jumped the gun and took a position too early.
CGC 50m, This NASDAQ Weed Ticker is a Canadian company that actually handles the bud. It has had a strong run from 30 to over 50, but tends to give up gains quickly once the tide turns. I am watching for a momentum shift as much of the MJ sector will follow the decline of CRON and CGC. Somehow if I break one rule, I get a cascading effect that leads to multiple rules being broken. Then losses tend to follow. I played too many different tickers, when focusing on any one plan would have been ideal.
FNMA 87m, This OTC GSE (government sponsored entity) has been a very volatile and liquid ticker in the past. It recently had a nice b/o when it was announced that it may be soon released from government conservatorship. I would like to see more news and a push to the 5 area as this has very reliable 1st Red Day OTC Short opportunities when it gets extended. Being distracted by
too many plays OVERTRADING, I neglected to give FNMA her fair attention. This offered a very nice short opportunity for those stalking these OTC Runners. Nice range, and big sell off.
PCG 518m, This NYSE Utility Ticker is filing for bankruptcy. The news risk is far too great to continue to play this ticker, but I am watching to see how it plays out. At least two face ripping short squeezes have occurred when news hit the wire, so I could only imagine taking a minuscule position short if this had another 20 seconds in the 14 territory. Likely a Big Big Avoid. Bankruptcy = Stock goez up.
AMZN, AAPL, SPY, QQQ, DIA, MDY, IWM, The markets are trading sideways so maybe we had the shortest bear market in history. I was really looking forward to some extreme panic, not sure why, but for now things seem stable. AAPL has sprung to life, and the rest are still treading water.
I have “unlimited” trades with IB, and my small cash account with Etrade has about 2200 in settled cash available. Alexander Elder said it best with this quote. “If you let the market make you feel high or low, you will lose money” With that in mind I will do my best to follow my plans and not let Elation, Fear, or Greed influence my decisions. Still a rule breaker… Many pieces of the puzzle attained, I just need to keep them in order.
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