Trying to profit on the falling knives (oversold stocks & huge pullbacks).
Wednesday, December 19, 2012
Trade of the day, ONTY!!!
ONTY had a decent high short interest in it. I have noticed lately when these biotech stocks open down 50% or more, they seem to pop-up at least 10% right when the market opens. So I went all-in on 5000 shares at the open and got filled at an average price of 1.79. My stop was placed at 1.68, but kept moving it up every minute with the stock. Profit target was at least 1.97 (10% higher of my entry point). When I saw it break through 2 for a moment, I knew the 10% mark I was hoping for passed and I needed to take profits. Sold it at 2.00 for a .21 point gain. 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.