Slow Monday Morning, Just Some Potential Plays
Posted by Timothy Sykes on Mon 28th of Jan, 2008 04:02:37 AM
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Slow morning in terms of volatile plays… BJRI was perfect in the morning, successfully cracking 3-day support at $15.60, but it’s down big so shorting isn’t an option until the late afternoon, hopefully we can get a bounce but still finish down on the day—possible retrace to $14. JRJC, down too much big at the open and TRMP, down enough to not make it worthwhile for me to be short all day.
Thought about shorting MBRK on the 15% jump to the $3.10 range due to this weekend article, but it’s a tight squeeze considering there’s now a solid bottom in ($2.70) and only 20-30 cents downside potential (to the $2.80 to 2.90 range, bottom + a few cents to account for the positive article), although that downside looks probable considering the fading volume. But also too high a risk of a big short squeeze. Still think it cracks that $2.70 level in a few days, but I’m def. not betting on it.
Also watching COIN to squeeze the shorts, but it really needs to ramp its volume and get solidly over $11 to really put the scare into anyone/interest momo players—remember $11.50 was the original support level. Never buy into an early morning spiker, could easily fade/drop quickly, also right now it’s a double top until proven otherwise, very tough pattern to break.
All in all, some potential plays, but nothing tremendously appealing, patience is key, no rush, just had some great market volatility both down and up, maybe its quiet time for a bit.
Anybody got some crazy volatile low priced stocks I somehow missed?
UPDATE: Shorted 300 BJRI at $15.46ish, perfect afternoon bounce to $15.75, drop below $15.50, should either retest day’s lows today or tomorrow morning.
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