ReCap for 12.22.017

By Madbash

 

INTV This Low float OTC had a massive run up from the mid ones to the high sixes all in one day.  There has been three red days with a buck and a half of volatility or more each day.   I would love to get a position on a morning panic to the 2.00 area, but I get the feeling that this will actually gap up before a bounce rejection in the mid to low 4.00z  Watching for a #5  Wow, we got quite the gap down on this ticker.  This is why you do not try to predict bottoms.  I was willing to buy 1000 shares @ 1.36, but the price was quickly rising as the market opened.  I changed my order to 500 shares @ 1.45, but only got 100 shares filled.  I got a great sell @ 2.10 within about 5 minutes.  This was almost a %40 gain, too bad I did not get a complete fill.

 

NXTD  This 17ish Million Float NASDAQ managed a huge spike after jumping into the crypto game.   The volume today was massive with almost 70 million shares being traded, but it seems that an offering led to a steep decline in the share price.  This still managed to close up almost 60% on the day, but I am inclined to look for a short into resistance above 6.00 as Bitcoin is dropping as of late.  This had a small morning spike which quickly gave up almost 1.00/share over the next 10 minutes.  There was a potential short into resistance @ 5.50 with about a dollar a share of downside, but there were no shares to borrow.

 

LTEA This low float NASDAQ went Supernova in the p/m after changing their business model from Non Alcoholic Beverages to the Blockchain/Crypto environment.  This would have been a beautiful short into the spike, so that is the only way I believe I would play this kind of hype.  There should be very strong resistance @ 10 This ticker had a pretty big gap down so the r/r on a short was not very good.   

 

BTCS, GAHC, BTSC, MGTI, DIGAF, RIOT  These are all Bitcoin Tickers that are getting crushed as Bitcoin is nearly 25% off it’s highs.  I would expect a bounce on many of these when/if BTC can find a bottom.  I feel like BTC should plane out below 10k, so there may be more downside yet.  BTCS trades the most volume, but BTSC seems to have the most potential next to a GBTC bounce.   Nice bounce off lows on many of these tickers.  BTC has had a huge pull back off of highs, but seems to be finding support.  GBTC had a low of 1160 and had a great bounce up to 1760.  Too bad I was distracted by less volatile plays because this could have been a great winner.

 

CANN, NUGS, CNAB  These pot stocks have gotten off the chain again, but I am forever skeptical that they will hold their gains.  Fridays can be tough for shorts, but if CANN gets weak around 5.00 it could be a decent short.  I was close to taking a short in CNAB @ 1.24, but I did not like the lack of volatility.  I went with a short on CANN instead as it was looking like a great “overextended gap down” play.  I ended up adding to my short and having to cover.  Had I not added I would have a position in the green.  I am glad I stuck to my plan as the squeeze have been almost triple my risk.

 

SGLB  This contract winner was up big on the day so I took a position with a risk off of 3.00  The bounce was weak so I sold for about a 16cent gain.  

I  have 1,2,3,3,3 Day trades available from IB, and I am back to a margin account with 3 trades available @ Etrade. Alexander Elder said it best with this quote.  “If you let the market make you feel high or low, you will lose money”  With that in mind I will do my best to follow my plans and not let Elation, Fear, or Greed influence my decisions.   I used a trade 2 Etrade trades and 1 IB trade today.  Gains were minimal, but I had a couple decent plays.  I also had the right idea about a lot of the patterns exhibited my today’s watch-list.

 

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