Tomorrow is very crucial for me. As I wrote on Friday, I am short 1300 shares of OPTR at average price of 7.60. Currently, I am down by 700$. Adam N., who was short from 8.5, couldn’t see the uptake and covered his position on Friday. I think OPTR might head bit higher tomorrow but eventually pull back on Tuesday and Wednesday. I hope that over the weekend, folks who bought OPTR have realized that they are paying too much premium for OPTR on drug news and start selling off.
News is that Japan’s economy is officially in recession and I don’t think we are going to see any rally in stock market tomorrow.
Anyway, other than OPTR, I am only going to watch one stock. GGP. GGP was trading at around 50$ this year, right now it’s trading at 44 cents. Yes, you read that right, from 50$ to 44 cents, No kidding.
GGP touched a low of 24 cents and moved up to 44 cents. On Friday, I was watching GGP move from 38 cents to 63 cents. That’s 65% gain in 30 minutes. I think GGP could again run on Monday. At 44 cents price, 5 cent move means 10% gain, 10 cents move means 20% gain. It’s been only two days since GGP hit YTD low of 24 cents and I am still trying to analyze and understand GGP’s price movement. I think I am going to trade GGP this whole week if it keeps showing the price movement which it showed in last 2 days along with the volume (avg. volume last 4 days: 50 million shares). I think key to success with GGP will be using OCO orders. I will keep you updated how it goes.
I must mention VECO, Johnny’s find. It has 90% probability of going down if market is down. I don’t think you can find better odds than that. Good luck if you are going to trade VECO!
And yes, wish me luck with OPTR!
Happy Trading.
RJ
6 responses so far ↓
1 Muddy // Nov 17, 2008 at 8:19 pm
Great eye on GGP!
Sure did runnnnnnnnnnnnnnn
2 Muddy // Nov 17, 2008 at 8:22 pm
Oh and one of those eod spikers so it’s gonna go down probably at open so gonna be watching
3 RJ // Nov 18, 2008 at 12:09 am
Muddy,
Thanks a lot for stopping by and commenting. It’s an honor.
Unfortunately, I couldn’t trade GGP in the morning. Hopefully, I will be able to play it tomorrow.
RJ
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