Friday, January 13, 2017

Friday the 13th.

New Trades:
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. )  
Setup: Slingshot
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.

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