Recap for 3.7.017

By Madbash

 

 

DRYSThis shipping company has had round after round of toxic financing.  I have played it short a few times and have another position with an avg. price of 1.50  I would be a bit concerned if this breaks the 1.44 resistance, but all portents point to more dilution and fade.  My covers are set @ 1.01 and .71, but I will probably cover by the end of the week no matter the price.  IB sprang up with 300k shares to short today.  I am relying a lot on the sentiment amongst likeminded traders, but shorting a play like this makes too much sense.   I now have a position short @ IB from 1.35avg

 

BIOSThis earnings winner had its second big green day with volume after earnings.  There is a gap to close up to the 2.60 area so I took a position yesterday afternoon  @ 2.21  Unfortunately I fat fingered my way out of that position @ 2.23 so I got back in @ 2.27 I would love to sell p/m in the 2.59/2.69 range, but this does not have a lot of activity outside of regular hours.  I will use 2.20 as my risk and exit asap if this shows signs of failing green.  This was weak in the p/m I sold half my position for a small gain.  I added a little after the market open, then baled with a loss.  Often better to take whatever profits present themselves on speculative plays like this.

 

OWCP I tend to hate OTCQB pharma plays, but this thing knows how to run.  I am in @ 1.54 and am looking to exit in the 1.79/1.89 range.  I really should exit my BIOS so I can focus on this, as it moves at a very different and difficult pace.  As expected, I was too busy with BIOS to watch this fully.  I went to exit almost immediately when it could not break 1.65 horrible executions. 

 

LXUI started a new long position yesterday.  The support resistance lines I drew on my STT chart for this have been holding beautifully.  I knew that I wanted to get back in near support @ 10 with the intention of building the position whether it goes up or down.  I will add if this tests 9.60 today, as well as I will add on a dip if it opens strong.  I am looking to sell into resistance towards 12.  There is also a new upgrade from Zacks with a price target of 12.  OK, why not let these types of plays reverse before getting in?  This thing will spring to life once the short sellers can’t bully the buyers anymore.  I may add when we get a reversal confirmation.

 

All in All I am still trading too much.  I am comfortable with DRYS and LXU because of my confidence in their current pattern.  Having two hot stocks like BIOS and OWCP at the same time is where I may find problems.  Should any one stock suddenly have massive volatility it will certainly distract me from the other plays.  Again, I will exit BIOS asap to focus on my other plays.  PRKRwas the monster of the day.  I made a few hundred on it, but left a lot on the table.  Interesting catalyst and definitely one to watch.  I need to keep the volatile positons to a minimum, much like the strategy calls for.

 

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