Ready for a great story?
OK, here goes:
I had a good morning, I played PLUG right at the open and then again on the big dip after that. So I stopped.
Hours later, I am sitting around goofing off, and Tom Costello mentions on CNBC that BMCS is getting whacked.
I have not watched that stock in a long time, but I pull it up. It's below 21! I'm shocked!
It dips down to 20 1/8 and I said to myself, "Self, that's pretty cheap for BMCS, no matter what the bad news is."
So I bought some. Then it dipped below 20 and I said to myself, "Self, you either have to bail out here or buy more."
Now, I was up nicely on the day, so I figured WTF, I'll double up and if it goes down I'll just bail and not feel too bad about it.
So my basis is now 19 15/16 and it immediately goes back up over 20 and holds. I'm a genius so far.
Then I see some GIGANTIC trades go off at the bid, I mean 6 figures, several in a row. I think maybe somebody is really loading up in a major way. Maybe. The stock holds at around 20 5/16 and I'm thinking I'll just bail out and turn the machine off.
Then Tom Costello comes back on and says he just got off the phone with the company and the rumor is false. The stock instantly starts going up, through 21.
Cool.
I casually set my sell at 21 5/8, wait till it trades at 21 1/2, and then click the mouse...
...and I get hit by some poor sucker that has a market order out to cover his short right at that same moment, a point above the ask, at 22 5/8.
It doesn't happen very often, but when I'm on the right side of a nasty short squeeze, it makes my day.
LOL!! |
