Weinstein Trading and Fading
- Thread starter Robert Weinstein
- Start date
Hi Jack,
I saw the bids too as I was watching the after market trading with RTI.
They were very high bids compared to what I normally see and I will admit I didn't like it. Its the kind of bidding that makes someone wonder if there is a news announcement coming out very soon.
I also considered hitting the 22.85 after market bids but the fact that there were bids that high made me uncomfortable with the size I already had. I did put up a small size at 23.30 ish and that was not lifted and then the 22.85 bids were hit and then it even traded lower.
If there is not a news announcement before the open on Monday I think the odds favor a pull back from the closing price of today absent of insider buying. Today appears to be a multiday climax as it has moved up including today 7 days in a row. While I have seen stocks move up 10 and 11 days in a row I have not seen a stock move in the afternoon like RTI did.
I watched the tape for much of the day and who ever the buyer(s) was really really wanted to buy shares today. It had the feeling of a major short squeeze but of course I have no idea what the motivation was.
If there is some large insider buying going on based on a news announcement on Monday AM then its going to be a pretty bad monday for you and much worse for me as my ave price is much lower. Absent that I think we both make money on Monday
Have a great weekend
Robert
Hi Nod,
Do you have a link for that? I see they did a lot of volume compared to normal today (about 5X the normal volume)
I watched the tape for much of the day and I have never seen anything like that but because its a low volume stock and coming off such a large fall from last year I figured it was a lot of short covering along with the last riders getting on the bus. during the last 15 mins of trading I felt that if I could not cover with a gain I would hold over the weekend. Normally its been my experience that after seeing these kinds of gains people will take a look over the weekend and take some money off the table Monday. Of course if they are about to issue a press release then today was motivated by other reasons.
I guess I will be getting up early on Monday to look for any press releases
Have a great weekend
Robert
All that shows on my Etrade news is these headlines, no further info at all. I'm sure it's about the volume, almost 3 million shares compared the usual 800K or so.
However, RTI is in the titanium business mainly used in aerospace and the aerospace stocks were killing it yesterday.
Also RTI has 9% short interest (and probably a lot more short interest built up as it approach it's major resistance area around 16.00.
Volume started to pick up at the break through resistance on Monday and Tuesday. You've got buy stops being hit from the shorts and you've got breakout buyers coming in from the long side. I think this really accelerated when it broke through its 200-day moving average Thursday and with aerospace going to town yesterday, you had the shorts scrambling and the buyers piling in.
So in my (humble) opinion, there is no relevant news and you'll get some retracement very soon. The first break through a 200-day moving average usually falls back to test the line pretty quickly.
Hey Nodoji,
Thanks for your reply. I did also see the NYSE news release and the headline is about all there is to the story.
I rarely ever feel 'good' about overnight holds even though they are by far my best of trades as an average. I also don't have a crystal ball so I don't know if the relentless buying was done from someone with inside knowledge but absent illegal activity I think I should be in pretty good shape. I checked the Yahoo Finance boards as well and they are simply filled with the usual dumb money posts that all stocks have so no red flags there either.
Have a good weekend and I look forward to seeing you and the rest of the gang in the chat on Monday
Robert
I did some technical analysis on RTI,it is up for last 7-8 days with large blowout candle on friday,seems like end of the uptrend,but as you know anything can happen.I see no news on the stock so for.I am waiting for bounce in citi bank also, short june 4 puts @1.00.See you in chatroom on monday.SHOLOM------jack
My carry over from Friday not only worked it worked way too well. I covered much of the trade in pre-market trading and it feel much further after the market opened up. It appears I was buying at the top of today. I was able to get my profit target so thats about all I should really be asking for. All in all a very nice trade as I made about $1800 on RTI Friday and then with todays gain it surely gave a lot of love.
RTI + 3804
TSRA pulled back today and I covered some of the call options I wrote. I covered the Jun 30s for a small gain. Still short the 25 calls which are currently under water but much better today than last week.
TSRA Jun 30 Calls + 38
That was pretty much my whole day and it was done within the first 30 mins after the bell.
+ 3842 Day / Week
+ 20479 Month
RTI + 3804
TSRA pulled back today and I covered some of the call options I wrote. I covered the Jun 30s for a small gain. Still short the 25 calls which are currently under water but much better today than last week.
TSRA Jun 30 Calls + 38
That was pretty much my whole day and it was done within the first 30 mins after the bell.
+ 3842 Day / Week
+ 20479 Month
Ahem...need an intern?
