Trying to profit on the falling knives (oversold stocks & huge pullbacks).
Tuesday, November 13, 2012
Trade of the day, MCP!!!
I missed out on some nice bounce plays I was considering today because I got into a social media pump fest with some of my followers with VRNG. I usually play 3-5 Dead Cat Bounces a day but the only one I got into was MCP, which ended up taking a very slow nosedive. Bought 1000 shares at 6.95 hoping it will at least fill the gap from yesterday's closing price plus a little more. It might have been a little too much wishful thinking on my part since MCP is under a SEC investigation. When an investigation is going on with any traded company, shorts are not going to cover anytime soon, and buyers are staying very far away from them. Ended up getting stopped-out at 6.87 for a .08 point loss. Tomorrow is another day. 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 twitter @tradermike9.