So the markets were pretty much on a straight downward spiral today, couldn't really catch any bounces. I got a small profit from
PMEA today from entry of .135 and sold it at .14. The stock I was circling around the whole day like a vulture was
IAG. I waited and waited for any type of possible reversal signal confirmation and I finally got one a half an hour before the market closed, so I bought 1000 shares at 11.93 and sold it at 11.95 for a measly gain of .02 point gain, but that was expected buying so close to the ringing of the bell. There is going to be probably more selling in the markets tomorrow, so I'll probably play VRNG for a daytrade and look for bounces on Friday morning.
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.
6 comments:
You going to try to capitalize on the temporary downwards momentum of Vringo? Just curious as I have a Long position but feel the stock is going to take a dive tomorrow.
Yep, It is going to more than likely take a dive tomorrow, and I'll be looking for a support level price on that dive/sell-off. The sellers selling now in afterhours and tomorrow are the ones who were expecting more from that conference call. Trust me they're buyers waiting to pickup VRNG at a cheaper price. Also remember, estimates from final ruling from Judge expected anytime from a couple weeks to a couple months.
I totally agree with you about the sellers tomorrow. I don't know what they possibly expected from that call, but the call was exactly what I thought it would be. I think there are a lot of "short-term" thinking traders that are long in this stock and they can't wait the weeks/months for the Judges ruling. Let me ask you this - are you going long once you find that support level?
Yes, hoping to find a support level between 3 and 3.50 tomorrow. If it goes through 3 dollars a share better yet, but I doubt it will trade below 3. Plus, this will only be a swing trade for me. Not holding this after I get in longer than 2 weeks or a month at most.
Thanks for your thoughts Mike. I'm pretty new to trading and am trying to learn some day trading strategies and methodologies. Do you have any resources/books/forums you can suggest for a new trader?
I just followed you on Twitter so I'll be keeping an eye on your feed to see what you're up to. Thanks again and your feedback would greatly be appreciated.
I've been trading since 1998, but since 2005 full-time. I think the best 2 books you can get is: A Beginner's Guide To Day Trading Online by Toni Turner and
Micro-Trend Trading for Daily Income by Thomas Carr. Plus, a good website is http://lessons.tradingacademy.com/archive/.
Goodluck in your trading.
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