Friday 9/6/08

Wow... SQNM hit $22 today... would have loved to buy that dip, but hands are tied until next week.  Mon. I will keep an eye to start adding again.  Hopefully I get another $22 range buy, but I doubt it.

Thursday 9/4/08

Account Value: $31,980

Gain/Loss:  +$937

Sold out of SQNM this morning at $24.24... ran up a little too quickly for me, so I decided to cash out... keeping a close eye on it, but can't trade again for 3 days when funds settle.  Good day though.  

Wednesday 9/3/08

Account Value: $31,046.18

Gain/Loss:  +$716

Good day today.  Tried a day trade in SANM, bought at $2.64 in anticipation of a move higher, stopped out at 2.60, no worries.  Another reason not to anticipate while day trading and wait for breakout confirmation, but I stuck to my rules and cut losses although it came all the way back by the end of the day.  SQNM took off today up .82 giving me my gains on the day.  Dumped SIRI, not patient enough to hold on to that piece of crap.  No trading tomorrow, just holding SQNM.

Thursday 8/28/08

Account Value:  $30,708

Gain/Loss:  +$543

Good day today, and some redemption for SQNM.  Added some more throughout the day.  Volume was light, but so was the overall market.  Keep an eye on it, as we made a new closing high, and that might attract new buyers.  

Also got into SIRI today.  It's a crap shoot, but showed some signs of a bottom today.  We'll see what happens, there's a ton of angry shareholders in this one, so I don't expect it to move too high... just looking for a quick trade.

STSI:  Lost some money trading this one today.  I was following the 50ma on the one day chart which had been support.  As usual when I try to scalp, I bought at $2.97, sold at $2.93, and it finished the day at $3.  Looking at it now, I really had no reason to sell, but it seemed like a good decision at the time based on the chart.  Oh well.

Wednesday 8/27/08

Account Value: $30,165

Gain/Loss:  -$407

Today is a perfect reminder for why I started daytrading to begin with.  I wake up to find my only position, SQNM, has been hit by some dipshit analyst.  Carris & Company comes out with a ridiculous low price target, and weak hands get shaken out.  Seems like every time this stock starts to pick up some momentum, some dumbass has to open their mouth and bring it down.  The very same day, Lazard raises their price target by to 50% above the current price.  This goes to show that Analysts are pretty much worthless.  I prefer to look at where the smart money is going, and from what I see, Goldman picked up 750,000 share about a week ago.  Nothing has changed fundamentally in that period of time.  Insiders bought when the stock dipped under $20 a few weeks ago.  Nothing has fundamentally changed.  And now when some hack makes a guess at a price target, the stock goes down.  Just dumb.  The good news is, the volume was small, and seemed more like manipulation than anything else.  These are the "dips" everybody tells people to buy on.  I picked up some more shares today, and will do the same tomorrow if we get another dip.  Remember, we have a catalyst coming up in a month, and any promising news on a stock like this will send it soaring.  At the very least, there may be a run up before the news imo.  We'll see.  

Tuesday 8/26/08

Account Value: $30,572.17

Gain/Loss: +$2.17

Today was a good day.  Any day when you finish in the green is a good day no matter how much you make.  I was able to pick up 382 shares of SQNM in the morning at about $22.60.  Watched it climb as high as the $23.60 range (although the day high shows it climbed as high as $24.50).  Did I sell?  No.  I've been watching this one for a close above $22 for about a month now, and I'm not going to give up after one day.  I noticed SQNM showing up on a lot of day trading sites, so todays action was most likely traders having fun.  Nothing wrong with that, but I'm in this one looking for a big gain, and I've got my sights set on the $30's.  I don't mind it coming all the way back down in price, because I have more funds settling tomorrow, and it give me an opportunity to buy more.  The smart money is accumulating right now, so I'm not going to bet against them.  

Here are some other ones worth keeping an eye on tomorrow:

NABI: had a good day on above average volume.  Look for the break of $6 (more specifically $6.03)... could happen tomorrow.  Would like to see it consolidate a few more days, as it looks like it's in an early bull flag formation.

DAIO: was also up today.  Look at the last 3 days of the three month candlestick chart... is that a little triangle I see forming?  A break of 6.76 could signal a buy, but the daily volume on this one sucks.

NOBL:  A break of $6 tomorrow could squeeze... needs to break $6.34 and then maybe a move to the $7 range is in store.

VPHM: Watch the $14.70 break.  Could be interesting.

Monday 8/25/08

Decent day for the watchlist:

SQNM: Finished up around 6%, but more importantly closed above $22.  Stalled at $23, but that's ok because it was already up around 8% at that point.  Plus it gives me an opportunity to get in tomorrow when I have settled funds!  Volume was decent relative to the rest of the market, but average for SQNM despite being higher than it has been in a couple weeks.  I think it's safe to get in on this one and hold for a few weeks leading to the R&D meeting/catalyst on Sept.23 but keep a close eye on it.

DAIO:  Down today.  Not even worth looking at until it crosses $7.

NABI:  Looks like $6 is going to be resistance... may consolidate for a few days, but keep a watch on it.  Potential buy if it breaks $6.