Archive for May 2nd, 2008
How I Screwed Up These Two Near-Perfect Calls To Sell Short
Take a look at my latest two trades—shorting 1,200 shares of probable-fraud spam-happy BSHF into a morning dip at $2.55 and 1,000 shares of failing business-so-let’s-float-a-takeover-rumor VM into a nasty slightly negative close yesterday at $4.01—both of which tanked 15%+ within a few hours of market action of my shorting. Great calls to be sure, but I somehow managed to screwed both up–and judging from the comments, I’m glad many of you guys did better!
Unfortunately, the BSHF pattern appeared the day before this new website went live and since it didn’t tank in the early morning EXACTLY like I wanted, I covered for a $75 loss since I had a million things to do to make the launch. Didn’t feel guilty about it until later in the day when it tanked 50 cents/share in a perfect representation of a spam stock falling apart! Sad sad sad, but one of those rare unavoidable situations.
Another TIMradio interview, you wanna hear more about microcap stocks, this is it, the best a man can get!
TIMradio #2: Cameron Fous, TheTechnicaltrader.net, Another Successful Microcap Trader Whaaaaat
All right, stop, collaborate and listen, TIMradio is back with a brand new edition…everybody give a warm round of page views to Cameron Fous of TheTechnicalTrader.net who not only plays microcap stocks from the opposite side as me–meaning he buys them on the way up–he’s in Idaho or some weird place like that, he’s younger and a better trader than me (except the last 2 weeks, haha suck on that Fous!)–with his account up 450%+ in 2 years.
Is Dennis Gartman A Classy Pump And Dumper? You Be The Judge
Let’s see what you guys think: after I labeled him a “classy pump and dumper” in THIS post, Dennis Gartman, the man himself, was kind/brave/classy enough to post this comment under that post:
Tim,
I take rather strong exception to your comment referring to me as a “Pump and Dumper.” That is simply not true. I know of no one in the industry who puts forth his positions in the funds managed or the personal trading accounts run that are as transparent and as clear as are mine.
Rather than “pump and dump” COIN last time, I bought it and ended up losing a goodly sum of money… Indeed, that was the largest loss I’ve had this year, although I remain up 7% for the year-to-date, and was up a bit more than 22% last year, and nearly that same amount the year before that, and the year before that. Oh, and the fund I manage in Canada is up 29% from its inception last April, so clearly I have some modest abilities in the arena of investing/trading.
At any rate, I have indeed bought back into COIN; the company intrigues me. My position is small, and as is always the case, I’ll add more when my initial positions proves profitable and has been insulated from what I perceive to be random market noise.
Warm regards,
Dennis Gartman
Dennis, thanks for your reply, I never meant to offend you—it’s nothing personal, it’s just business—tracking pump and dumps is my business. When Barrons publishes a list of your stock picks and COIN a.) is the only microcrap listed, b.) the company not only has a shady past, but is directly connected/managed by people with shady pasts and c.) you admit to selling into strength just a few days after that article, strength that was directly caused by your article, something ain’t right.
10 Hot Stocks And Why It Might Be Fun To Short Sell Them
VM
After missing out on perfect 10%+ afternoon fades both Wednesday and yesterday (dan you publishing business model!), I shorted 1,000 shares at $4.01 into the market close yesterday…while I’d have preferred to short into some kind of bounce—as it might bounce a bit early today—this thing had too many things going for it: first down day, filling the gap perfectly, after a multi-day runup smack into resistance, a strong long-term downtrend, a history of rolling over after spikes, a failing business, upcoming earnings (where they’ll probly fail some more, as is their tendency)…there are buyout rumors so it’s not an ideal play, but I’ve learned to trust chart patterns much more than humans. It’s really gotta crack $4—if it does, stop losses and the chart pattern should bring it down to $3.6-$3.75 eassssy…not as much downside potential as I like here though and given the tough environment lately, I’ll play this one somewhat safe
MESA
Nice gradual intraday and multi-day uptrending, TheLion was all over this and that’s why they’re on TIMfavs (many more websites coming soon…)
JRJC
It’s baaaaaack, this Chinese spiker is trying to do what it does best, kinda tough to do into such a multi-month downtrend, but it actually helps too cuz lots of shorts are getting squeeeeeezed. This is now the 7th big spike where the last 6 proved to be great shorts—no pattern works the same each time, they evolve baby, as shorts are learning
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