Trying to profit on the falling knives (oversold stocks & huge pullbacks).
Friday, November 23, 2012
Trade of the day, KITD!!!
My only day trade today was KITD. Had to try and catch this dead cat bounce even though I probably missed a huge bounce when it traded at .40 on Wednesday during after-hours, and then had a high of 1.25 during pre-market trading this morning. Today I didn't trade on any type of chart signal strategies, but a physiological number of .75. I put in a limit order at .75 and got 5000 shares filled around 11:18a.m est hoping I'll be able to get a bounce before the close to a profit target to at least .80. Well as you might have notice, I didn't reach my profit target and decided to get out before the market closed at .74 for a loss of only .01. I wasn't going to hold this stock over the weekend. If KITD has a nice gap down or dip at the open on Monday morning, I'll probably try again. Have a great weekend everybody! If you want to see what I might be trading during market hours and interact with me during my trading days, just follow me on stocktwits or twitter @tradermike9.