Archive for May, 2008
Welcome To LiveStock, The First Truly Interactive Financial Show, Whatcha Think?
Yesterday, as many of you were either banking or losing, depending on your skill, on the glorious volatility of PennyStocking plays SINO, MXC, FPP, PDO and ROYL (yes they are higher priced, but that don’t mean they ain’t gonna come right back down to where they belong…eventually), I was planning for and filming THIS test episode of LiveStock, the first real-time interactive finance show that will complete my transformation into Cramer 2.0.
A big thank you to those who joined in—this was just a rough draft, but I’ve got the go ahead to make this a weekly…possibly even a daily show…so let’s get it onnnnnn! If you have no idea what I’m talking about, check out the replay of the show below—it should pop up immediately, but if it doesn’t, you can click the “on demand” button in the video player and you’ll be able to watch the show from the beginning.
SS7: Steve Ballmer Gets Egged, Understanding The UltraShort Oil & Gas ProShares (DUG) & More!
Great message board focusing on stocks that send out spam
My buddy had THIS $175 burger on Wall Street, he told me it sucked….big surprise
It’s not nearly as educational as THIS (which is brought to you by SpeedTrader), but you know you gotta watch Steve Ballmer of Microsoft get egged…you just gotta
Great first show of LiveStock, you can see the rebroadcast HERE
Too busy filming to trade the rest of the day, damn shame!
How the hell did you guys lose on SINO, you obviously don’t have my DVD
Is That Really Maria Bartiromo?
I
Stocks To Play Today & How To Balance Work And Trading
Took a quick $300 hit this morning, covering my overnight short of PDO for a $1/share loss…just can’t trust these oil plays to rise/fall apart like textbook Supernovas because they’re tied to the price of that commodity. Add in the stocks’ illiquidity, the necessity of taking small losses on my tiny account and since I’ll be prepping LiveStock (remember to tune in HERE at 2PM EST!!!) for the majority of the day today and it wasn’t really a question of me covering for a loss—only the size was in doubt.
Whenever there’s a morning spike like this, you can usually get out for small losses—some times even small gains—because after such a big quick drop, there’s still an overhang of longs who want to cut their losses and shorts looking to enter on any bounce. That creates a nice bit of selling that helps prevent huge spikes, at least at first. Furthermore, as I wrote last night, I knew full well a gap higher was possible, but in my opinion the size of potential gains outweighed potential losses. So, not a bad trade, especially risk-reward-wise.
Just cuz I’m busy today don’t mean there ain’t trading opportunities for the rest of yas.
Short Selling Hyped Up Oil Stocks: Fieldpoint Petroleum Corp. (FPP) Et Al
Over the past few days, I’ve had muchas problemas shorting all these hot energy stocks—mostly because I hadn’t taken my medicine lately—when really all I had to do was wait for them to go negative on the day. (late yesterday afternoon, I made my latest tiny-account-so-I-can’t-risk-any-pain-damn-that-really-sucks-for-my-strategy kind of a mistake, shorting 300 PDO at $26.38, since it took out support at $26.50, and while it quickly tanked to $25.50, I wanted more than 85 cents/share profit so I held and it squeezed shorts like me to $29 this morning—I’d already covered yesterday before the close at $27.50, another $300+ loss uhhhhhhh)
Today was that day. After managing to only gap a tad bit higher, MXC, FPP, PDO, ROYL and about a dozen other of these highfliers just got absolutely devastated. Normally Supernovas tank just a little at first, but an absolute and immediate wreckage like this—all these stocks are down 15-30% on the day—is very rare.
First to go was MXC—nobody could find any shares to short of that one today, but as I saw that falling, I wanted to get it on the action with my 300 shares of PDO that I’d reserved so I placed the order—or rather “Joe” of Thinkorswim entered the order at $29—the guy is the slowest of all Thinkorswim chat representatives (I’ve shoulda planned ahead)(Yah that’s right TOS had plenty of shares to short, all you cheap Jewish fools whining about not being able to short deserve your grief cuz you’re wanting to save $5/trade in commissions make you miss out on ideal shorts like this one!)
By the time slow Joe put the order in, the stock was already falling, so I quickly changed it to $28, then $27, each time missing the execution since it fell too quickly. 5 minutes later, it was at $22…Thanks a lot Joe! (really my fault) My sweet Lord, this was friggin CNEX all over again—I was in that one the day before the big fall too!
LiveStock Steaming Online Video Show Demo Tomorrow 2PM EST, Get Excited!
Remember that little segment I did with ChuckTV? Well it’s blossomed into a full fledged producer, studio, internet TV show-type gig to be called LiveStock!
We’ll be discussing stocks live during market hours from 2-3PM EST tomorrow and we won’t be late in starting this time around (right Chuck!) The show really only works if you guys join in, naming tickers and asking questions on THIS site. Yup, its the badass Mogulus video player that not only is embeddable on other sites, but it’s also got that great little real-time chat screen.
Remember this is just a test, but if it goes well, we impress Mogulus, we impress my sponsors, I impress you, then, it’s gonna be on hardcore Dave Chapelle Show-style but for us finance freaks. Think weekly or maybe even daily shows…so let’s make this great–and for all you newbies, I’ll be explaining how to reserve shares to short and how to read level 2 so definitely tune in.
PS We got some technological wonders that we’ll be testing out too…Cramer 2.0 motherf#@!as
I was dead on about FPP and that’s why I made $500…post coming soon
Missed my PDO short, uhhh can you say history repeating itself?!?!
Guest post from a trader who buys these turds…successfully
Buying Stocks Like Mexco Energy Corp. (MXC) Works Too…If You’re Quick
As you know, I want to teach you how to profit from all these sketchy low priced stocks, from the long AND short side, but since I’ve got about a dozen projects that interfere with my trading and considering I suck at going long, every now and then, I’m gonna bring in some posts from other traders/writers from whom you can learn a thing or two.
So, get ready this site is gonna increasingly become Seeking Alpha except that it won’t suck as there won’t be thousands of unqualified people writing about thousands of different stocks—now you’re gonna get just a few select views on a few select stocks, the only views and stocks that really matter to PennyStocking. That way you’ll be able to see many more angles…sound good?
First guest post comes from The Market Kid who’s been buying these same energy stocks I’ve been looking to short and enjoying far greater great success. Today, they might be dropping like flies (I put in short sell order for PDO at $29, $28 and $27 missing it each time…idiot…but smacked FPP in the face taking home a cool $500, detailed post coming), but yesterday TMK had no problem buying into the face of such absurdity, which can be a very good thing…if you take profits quick
A Rising Tide Lifts All Boats: 7 Lesser Oil Stocks That Are Gushing Higher
Still watching all the energy stocks from yesterday too…this post will be comment-free as my recent performance/utter disregard for disciplined short sellers brings me down to typical industry scum/ makes me unworthy of your time
Details of my bad morning trade…for your learning pleasure
Details of my bad afternoon trades coming soon…after I take a much needed nap
The Dangers Of Shorting Hot Oil Stocks With Absurd SEC Rules, A Lack Of Discipline & A Tiny Account
That title is just about the worst combo there is and yet I went full steam ahead, shorting 1,000 FPP five minutes after the market open into a spike I thought to be ill-fated. Nearly right away when I was down 20 cents on my position, I knew I’d screwed up. Despite my warning everyone about the dangers of shorting these rocketships before they go red and the fact that I made the exact same mistake just two days ago, I even refused to take a $150 profit, instead wanting more, almost inevitably getting squeezed for a $600 loss.
I guess it’s true what they say, you can’t t each a greedy Jew new tricks.
I explained my rational for breaking the very rulesI created to protect myself the other day—not that its much of an excuse—and today was no different, except FPP was double the price and I got squeezed for double, 50 cent/share as opposed to 25, too. Fitting, right? Again, I was right about the morning pullback after the spike, it just happened $1 higher than my entry!
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Why longterm investing in penny stocks sux
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Jul 19, 2008LiveStock was particularly good this week
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TIMtrades
Learn from my successes, learn from my failures, learn from TIM. Click here to learn more.
| Date | Stock | Buy | Sell | Net |
|---|---|---|---|---|
| July 15 | MNLU | $6.37 | $6.73 | $340 |
| July 11 | IDAE | $2.27 | $2.49 | $630 |
| July 8 | ERII | $11.29 | $11.00 | $162 |
| July 3 | TGC | $2.14 | $2.39 | $471 |
| July 2 | HYGS | $2.15 | $2.29 | $260 |
| July 2 | TGC | $3.44 | $3.49 | $80 |
Total: $21,900 (
76%)
