Weinstein Trading and Fading

Hi Robert
Happy new year mate !! and good trading to you. I always enjoy reading your posts and by the way I like your blog a lot as well.

All the best
John
 
Busy day with lots of action. Maybe a little more than I cared for at times as I once again went through a trading halt.

The biggest trade of the day was with MBI. I went pretty big with this small sized stock as it went past the signal price and was well above the overbought for the 10M chart. I was busy hitting it hard when sure enough a circuit breaker kicked in and halted the stock for 5 minutes. This is one of the first circuit breaker halts I been through so I was not really thinking of it and so I quickly went to see why it was halted. I thought perhaps it was for news pending but once I read that they had a favorable court ruling and that the halt was due to a circuit breaker I was feeling much better. All in all I am believing that halts favor shorts due to what I believe is the natural desire to exit a trade if halted. Since most are long it would seem normal to me that a halt will have downward pressure on a stock that is moving higher. For stocks halted due to moving down to fast I am still thinking about that as short pressure may or may not be greater in terms of overall pressure.
Nothing else other than a few other relatively smaller trades where made and STEC came within 3 or 4 cents of hitting my profit target before going back higher and I stopped out to ensure I would not allow it to turn into a loser.
One trade that gave me a William short signal (which is very new and just put back into screening) is TSTC. I once again stayed small with this signal but it worked perfect. I made two trades today with it. Both times hitting the bottom of the move and resulting in very small trading size. I also kept my targets small with it and did not try to grab an oversize even though as it turns out I would have received it. I am really happy to get the William oversold signal working as I never have to worry about having stock I can borrow or any other worries. Of course there is the worry that the stock can go to zero but over the years I have yet to see that happen.
I have been so frustrated the last few days due to my chat room software and losing my connection. Its been only happening to me and troubleshooting it has been a pain. At first I thought perhaps it was due to a firmware upgrade I did on my router. So I changed routers and it still gave me the same problem. I even tried using my EVO phone and tethered in for a connection but the problem continued. Change after change I made. I had myself logged into four computers at once only to see the connection die after a few minutes with each. I tried to change my IP address several times but could not and thats where I started to blame my router once again. Near closing today when I was flattened out for my day trades I turned off everything that uses an IP and changed out the routers and rebooted the cable modem. I hooked a laptop to it and was able to get a new IP address. then when I hooked up the router again it wanted to go to the old IP address and renewing and releasing would not work. So I put back in the old router and it appears to be working again. So I give a big FU to Netgear and the router that I just bought to “upgrade” my network for the 10+ hours wasted. I guess I will be contacting them to try to figure out how to fix it. Even the factory reset would not work….
I think today is the best day of the year so far. If not I guess I will take it and be happy.
I will be looking to short a gap higher and fade moves higher in STEC and PCX tomorrow anything above 3%+ at the open.
ININ + 218 Gap up Brenton
MBI + 1407 William
STEC + 5 William
TSTC + 224 William

+ 1854
 
This new wait a minute before making a new post kinda blows for those of us that are not a problem. Anyway I just want to say why it will take me a while to reply as I will be eating shortly so I am not going to wait for the next time window to reply (Sorry Nodoji, but to make it up you and your groom are welcome to come over and eat dinner with us)

I had to look but I traded the stock and not options on that trade.

Best

RW





Quote from lojze:

Robert, did you trade SYNT with options or stocks?
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Hi Nodoji,

Your probably right about C. Its one that I been out of for several months now. Its no longer my type of trade. I liked it when it was "free money" at below 4. Now it is subject to bad news, market crashes and other fun black swans that I don't want to be part of. Basically it is toooooo risky for me now : o )

COCO on the other hand.....I love COCO. The world could end and I think it will trade higher than 4 so very limited downside with a lot of upside. Brave when others are timid I think they call it.

Best to you too and I hope that you evil speculators driving up the price of oil don't make it too hard for me to explain to people at parties that it's a much better thing than the alternative......

Robert


Quote from NoDoji:

C is approaching major resistance (5.07-5.20) where it fails again and again. The smoothing effect of a long time spent at these low prices, has it finally trending nicely above its 200-day moving average. If it can break out and the 5.00 level can then become support, you may not have the chance to buy C much lower. There's a lot of "airspace" above 5.20, possibly taking it back above 7.00 as strength attracts more buyers.

This is strictly technical, but as long as the fundamentals don't expressly deteriorate, the technical price action will attract institutional buying on strength above the 200-day MA, which can move price significantly.

Just something to think about if you want to put on a longer term trade or an investment in C. The next "bargain" price you get may end up being around 5.00, and maybe not even that.

Here's my cautionary tale about wanting to get in at a "good" price: I wanted to buy FFIV in my IRAs early last March. It had just broken through its previous all-time high of 56.19 to a new all-time high and I decided to wait for the expected pullback to the 20-day MA to buy it. The next two days it moved higher and was 10% above the breakout price. I had an alert set for the pullback level, which never triggered. By the time it finally pulled back to the now higher 20-day MA, support was established $4 above previous resistance! It broke out again and I thought for sure it was too high to buy, especially considering the rich P/E ratio, plus the market was really overbought.

Well, long story short, even during the flash crash that new support level held up, and I never bought FFIV because the higher it went the more I thought it was "too high" to buy, and in December they hit a new all-time high of 143.75. So much for "too high" :eek:

Wishing you a year of rock solid trading, Bob!
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Hi Prop,

It has been interesting indeed for COCO. I am green in all accounts with COCO and so maybe mentally it is easier for me to have the staying power to continue long. Of course I spent a lot of time underwater as well so maybe its just that I believe the profits will be what matters at the end of the day.

I don't actually really like whats going on and if I had the choice I would cut off all college funding that does not have to be paid back (I would not cut off loans).

Anyway, I don't buy / sell stocks based on anything more than my ability to profit so I will stay long.

I shorted more puts. The May $5 puts because I think they offer enough time and premium compared to the risk to give a real value in writing them. Otherwise I did not make any changes to what I hold long.

Best

RW




Quote from PropTraderMTL:

I noticed it was a rough day on COCO today. Obviously the analysts don't agree with you. Curious to see how you traded your position in that
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Quote from Robert Weinstein:

Best to you too and I hope that you evil speculators driving up the price of oil don't make it too hard for me to explain to people at parties that it's a much better thing than the alternative......

Robert
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I've tried selling the stuff, but for some reason my massive trades just aren't pushing the price down! :p

Great trading, and thanks for dinner!
 
Quote from Robert Weinstein:

Hi Prop,

It has been interesting indeed for COCO. I am green in all accounts with COCO and so maybe mentally it is easier for me to have the staying power to continue long. Of course I spent a lot of time underwater as well so maybe its just that I believe the profits will be what matters at the end of the day.
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Agreed, it so true that having that extra buffer of being in profit makes a pull back much easier to handle. For me sometimes its a 1c difference on Citi which means whether I keep my trade or give it back. The being in a profit or experiencing a loss is usually the defining factor. I give it back if I'm in a losing position.

Thanks for answering my question. I also had another question that I asked late last year which I'm really interested in finding out your thoughts.

My question was: ...

I understand you went through a tough time earlier in the year and I remember you writing about how you were going to study full-time or were not going to trade as much.

Its really nice to see you have turned it around... Congratulations!

Now that your profitable again, what sort of things have you put in place or what have you changed to ensure you don't get yourself in a tough situation again?

Cheers, ptMTL
 
ICOP Digital Inc. based in Kansas appears to be the latest company to have fallen victim to government cutbacks. Having a staff of over 50 people as recently as a few weeks ago this company now has fallen to a volunteer skeleton crew of officers. As Mr. and Ms. Owen try to find financing to keep this eight year old company from totally shutting its doors it appears that the stock market has already written off ICOP as not suitable to have it’s stock traded.

ICOP in an SEC filing on 1/7/11 reported that they had until today to file an appeal of the NASDAQ decision to remove ICOP from trading effective Thursday 1/13/11. As of this article (after business hours today) I have not seen an SEC filing that they have appealed the NASDAQ decision.

According to EDGAR Online ICOP still has a market cap of just over $1M even though the entire staff was laid off on about 12/20/11 due to lack of cash to meet payroll on 12/31/10. The last trade today was at 40 cents. It appears that after removing cash from the balance sheet the liabilities will meet or be very close to the total assets based on the the latest quarterly report(3rd Q 9/30/10).

Tomorrow will most likely be your last day to liquidate any position you have with ICOP via the NASDAQ market. If your not setup to trade penny stocks with the OTC BB “pink sheets” you may want to close out before doing so becomes more difficult.
 
Hi John,

Thanks for saying so !!!

Its now 2011. Your starting to lose the beginner part of your name. In short order your gonna be old school like me. Part of the ET goat locker : o )

Happy New Year to you as well and I hope this is your best year yet and the worst year for you after.

Robert


Quote from beginnerjohn:

Hi Robert
Happy new year mate !! and good trading to you. I always enjoy reading your posts and by the way I like your blog a lot as well.

All the best
John
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