Pump's daily trading recs, emphasis on short selling Message Board

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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling

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To: Jim@Inland who wrote (6168)	12/9/2001 12:06:56 AM
From: Michail Shadkin	Read Replies (2) of 6873

Jim - explanation of OVTI I am sure you have read my emails. I specifically said, "I am not playing any allocating shorts in the next 6 weeks. No new medium or long term shorts for me for next 6 weeks, unless something spectacular. All new shorts will be played with relatively tight stops and only entered when I believe its a perfect entry." I also said that I believe the market is heading higher until late january and I dont want to fight any new wars. Only small battles. Back to OVTI: They did have what looked like a blowoff top with volume when I shorted at 8.45 It seemed to me like an easy retrace back to 6.75-7.00 level. (looks like support at 6.00) I wanted to risk .50-1.00 to gain 1.50-1.75 Which is a very good reward/risk scenario. Next day after my entry at 8.45, OVTI fell to 7.20 in the morning. I had order between 6.75-7.00 to cover but didnt get there. Then the stock reversed and climbed rest of the day. On wed, the high was 8.65 and thursady that high was taken out despite major weakness at the opening. The whole sector has been coming to life in a big way lately. Stock showed unusual strength all day thu and I decided to stop out at 9.00 which was the daily highs. On fri, it was very strong (made new highs on the move) all day again until last hour. Looks like it should see low 7s in next few day, assuming the market doesnt go into overdrive again. In retrospect, I wish I didnt stop out, but I am staying true to my strategy and risk management. Stops never bother me, I just move on to the next play. I will take a 3 to 1 reward/risk anytime. I hope you can see my point of view. All retraces have been hard to come by, so hit run and move on with stops. Btw, I hope you covered RHAT on small retrace. It is building a base around 8.00 and next move will be higher. JMHO Best Wishes Jim Michail

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