RE: What do you say Ray?
Well, now that the market is closed, 5 things:
1) I didn't read this post until after the market opened.
My plan for today was to sell my entire position and buy back before the close.
This would limit my losses for today.
I chose not to post that because when I day trade my position,
I usually move the market 2 to 3 ticks.
What I did today:
I went out with my client for a late dinner last night and woke up late.
I didn't get to my terminal until after the open,
so I missed the chance to sell at the open.
Good thing too, since I would have sold at the low of the day...
I did sell my 14,000 share trading position at 11 1/16 about 12:00.
I didn't really effect the price as it was at 11 1/16
and I was selling on an uptick with heavy volume.
Then I went to lunch. Daytrading makes me crazy,
so I needed to get away while the market moved into the early afternoon dip.
At about 2:20, I decided to buy back in.
I chose that moment because I was seeing a slight uptick
from 10 11/16 to 10 3/4 and volume was light.
The market was 10 3/4 bid, 10 13/16 ask.
I went and placed a 14,000 share market order. I got:
10 13/16 2000
10 7/8 2000
10 15/16 2500
11 7500
So clearly I drove the market from 10 3/4 bid to 11 bid.
I actually wanted to drive the market higher since buying
back all my shares at 10 3/4 wouldn't have helped my situation
(this would have been creating a floor under the stock for only a moment).
By actually driving the price up the 1/4 point,
more buyers came in and we were soon trading at 11 1/8.
Here's the chart for the day (Note: good for tonight only!)
fast.quote.com
When you click on 1-minute charts,
you can actually see the effect of my trade on the chart.
2) I was wrong when I said 12 3/8 was a good buying opportunity.
I just love hindsight, its soooo much clearer than looking ahead.
3) My prediction for tomorrow (Friday):
Open at 11 1/4, low at 10 1/2, close at 11 1/2.
4) My prediction for Monday:
Monday's going to be a special day for me if my Friday prediction comes true;
a true Friday would mean I know what Monday had in store.
If Friday is different than my prediction,
well, then I'll need a new plan for Monday.
5) My long term outlook?
I'm still very bullish.
Even if the price were to drop to 6, which it won't,
This stock is a good buy at 11.
In 1 year, it won't matter whether you purchased at 11 or 6...
I'm fighting hard to maintain my position,
I'm still long a total of 35,300 shares.
I really like the long term outlook for this company, its product, and this stock.
Good luck to all,
Ray |
