Watchlist for 9.15.017

By Madbash

 

 

XXII, MRNS, CYCC I have a short position in XXII from 3.14 and I would like to cover after a break of the 2.90s XXII is up over 100% in the past month and has a history of falling just as quickly as it rises.  I covered shorts on MRNS and CYCC this week so I am watching them to see how they unravel.   

 

ALDX I hastily shorted this ticker early in the week and had to quickly cover as my “all day fade” thesis was correct, but I was in too soon.  Overall this was a bad r/r approach as this ticker has flown up almost 100% from the beginning of its run up.   This could make for a great short now, but it continues to exhibit the stair step grind that squeezes the blood from the veins of shorts.

 

BLDP This ticker had the best short opportunity yesterday.  I didn’t pull the trigger at 4.75 after the 10% morning panic and this closed at 4.29  This is up on a contract win, so I would consider a bounce play if this can panic under the 4.00 level.   

 

MRTX This Ticker hit a 125% increase in yesterdays a/h on news of positive results of their lung cancer drugs.  The long term chart is deplorable, so I would probably only look for a short on this.  I believe this will have a lot of overhead resistance to deal with, but as ALDX has proved, there is plenty of room to run.   

 

WTI, SDRL, NADLQ  These oil drilling tickers are exhibiting signs of life.  I will look for overextention on WTI for a potential short.   I would be very surprised to see this get within 10cents of 3.00

 

I  will have1,1,2,3,3 Day trades available from IB, and I am a PDT @ Etrade for about twelve weeks. I have one short position to cover, and will be patient as I wait for great set ups.  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 plan and not let Elation, Fear, or Greed influence my decisions.   

 

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