It was one helluva day for Market. 900+ point swing, 3rd highest swing in the history! Will it be able to continue tomorrow? I am highly doubtful. When market rallied 900 points on Oct 10, it opened up and went higher but closed lower for the day. And the very next day, gave away most of the gains. I think it’s highly likely that the pattern will repeat.
Coming to the watches for tomorrow:
1. OPTR – My open position. If the market doesn’t rally, it will crack tomorrow.
2. SNMX. Yep, I mentioned it in yesterday’s watch list and it was actually cracking down today. But when the market rallied, so did SNMX. It is back to yesterdays close. I think if market tanks tomorrow, it will take SNMX with it.
3. GSOL – from 6$ to 8.50$ in one day. Could be a great short tomorrow. If it cracks below 8, I am in.
4. CHIC – Even though I think it’s risky to play CHIC, I am thinking that it could lead to a nice trade. I will trade it using OCO order. BTW, One reason to re-consider this is because it has easy borrows on TOS.
5. PHH – Huge volume in last few minutes. Easy borrows on TOS. Mortgage company with negative earnings. Can you find a better setup? 
[Thanks JV for this watch and others.]
Good luck for tomorrow.
RJ.
5 responses so far ↓
1 bao_t2008 // Nov 14, 2008 at 8:49 am
RJ,
Are you looking into shorting PHH? It doesn’t seem to have too much of a downside unless you can see this one going chap. 11
It could possibly bounce as bargain investors step in and the volume did increase by approx. 100k.
I like your picks w/ CHIC and GSOL. GSOL is bound to drop today or Monday. CHIC was trading sideways yesterday so we can probably jump on it today. Do you usually go to a chat room during the trading day?
2 RJ // Nov 14, 2008 at 9:03 am
Yes, I am short heavy so I am looking to short PHH. Why do you think there is not much down side left? It reported losses and was crushed to 4.27 on Wed. The only reason it rallied yesterday was because market rallied. Nothing changed for the company. I think it should go back to 4$ range.
RJ
3 dc5guy // Nov 14, 2008 at 7:54 pm
Hope you played CHIC today and made some good money!
I like how you have your trading journal with all your entries. Do you manually input each trade or is that form coming from convestor?
Also noticed you’re in I.T. also – very cool!
4 Finally. Turning My Account Green. - RamtaJogi // Nov 15, 2008 at 3:31 am
[...] Updates ← Watches for 14th November [...]
5 RJ // Nov 15, 2008 at 3:53 am
Yes, I did make money on CHIC today, very happy with that.
And, I maintain that trade journal myself. I think a trading journal is EXTREMELY IMPORTANT for a trader especially if you are a newbie like me. And Covestor pulls up trade history but there is a problem if your order was filled in batches. If I shorted 500 shares and it got filled in batches 200 + 200 + 100, it will show 3 entries. I don’t really care about that. So I maintain this journal myself. Anyway, I plan to create a better journal myself. Will share it when it’s available.
Thank you for stopping by,
RJ
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