GRVY -- This is a stock that has shown tremendous power in the past. It has stayed above the 30EMA since and just hugged the line. Biggest volume (45K since nov. )
Risks: Low Float, Chinese (so questionable financials)
Upside: Past demonstration of power,. 50% or more is possible
Stupidity bites again.
I chased again, this time I got hit with a loss. -$356 (800 shares)
Why did I take this trade. past power, tight range breakout. Problem I was late to the party and I bought high 3.49.
First short of the year. I see a lot of warning flags in the market. Conditions are overbought and indexes are just going sideways. VIX is extremely low.
So I went after some weak stocks, I liked IPXL as it failed to hold a move into the 50MA, today.
Short at 13.10.