Stocks In Action Today – CGEN, AHD, BSPM, DRAM, IFNY
Posted by Stock Online Trader in Short Selling, Stock Review on 12-29-2009
AHD was a short entry on the break below 6.00. However it dropped too quick from 6.25 to 5.85 and then bounced back. I shorted on the weak bounce at 5.98, but couldn’t get it to break below it all day. I covered half at 6.01 to protect myself from next day spike. Holding other half incase we see support of 6.00 break.
CGEN was a perfect breakout today breaking below 5.00 support. I shorted @4.98, hoping to cover in the 4.60s. However it was choppy all day. To avoid getting squeezed and lose my gain I covered my position @4.90. Felt really silly to see it close in the 4.60s end of day. Need more patience holding the short once key support is broken.
BSPM was OTC stock I bought on trade alert from one of the traders I follow. Was a perfect breakout above 4.00. I bought @4.10 and then at @4.03 (avg @4.07) and held it for overnight trade. Unloaded half lot end of day to take some profit. Hoping for a continuation of upward trend. Good trade.
DRAM was a good short once the key support of @4.00 and @3.90 was taken out. I was late to the action @3.83, but I was confident shorting it as it broke past key support levels. However the volume was pathetic and I lost patience covering @3.72. Hate playing stocks with lousy volume.
IFNY was a short I completely missed. Should have shorted on break below 3.00, but I couldn’t find shares. When shares were available it was already down alot. After that IFNY bounced back to 3.00. However failure to break past it, I entered a short position @2.86. Hoping to cover on morning panic tomorrow or take stop above 3.00 break.
SGMO showed strength in the morning and I played long @5.60. However I was the sucker who caught the top and it never went any higher. I sold half lot @5.48 to protect myself from a bigger loss. Holding rest half since it closed above @5.50 and might form a decent support to rally from.
