The only one I took was nl I bought 1500 @ 12.4, 1300@ 12.5, 300 @12.3, 200 at 12.25. I sold all 3300 at 12.97 for about 2k gains. None of the others really seemed good to me by the morning.
Sorry P2, I missed reading your posts until after market close. I may or not be able to keep in touch by IM tomorrow - problems using it at work (Yes, there is a story there...). Anyway, today for these "great new pattern" type of plays I took 1k NL at 12.26 sold at 12.8. Also today, I also took 2k OGE @ 21, 2k @ 20.85 (drop after poorer than expected earnings), and being gutsy still have the whole position overnight. I also bought back into AGA at 1.4, 5k worth. Because I still have my day job (!) a swing trade strategy is probably best for me. I love these dead-cat or capitulation plays, I guess I take a perverse pleasure in profiting from the pain of others. The German's have a great word for this: schadenfreude, literally the pleasure obtained from another's misfortune. I will try to be on AOL IM tomorrow. I have the handle shrinkwrap or ahgmem.
Pete METHA was a spinoff from STLW. The reason it dropped is METHA shareholders received about $12 in stock from STLW, so it didn't really drop like the chart would suggest.
Interesting point there on the stlw. I traded that today as it looked like it was retracing the gap. Guess it wasn't. Chartwise, this isn't the pattern. Gaps down don't work unless they are blowoff gap downs. This doesn't look like one. By the way, I finally bailed on that autn I bought a few weeks earlier around 5. I made about 60% on it.
Praetorian, I have read in Ken Wolff's stuff that these plays should only be considered after a 20% drop. Do you have an opinion on that? Thanks
No set number. Wolf is an excellent trader. Most of the ones I olay or at least post here are down 70+%. But you can play others. Look at imph. I caught a 4 pt move on that one, only a few hundred shares though. Scaling out on teh way up. That's the type I really play. But it's harder to call the exact bottom. For the ones I post here, I want people to see this pattern, and I want only winners, cause I'd feel like a moron if I was wrong. So im only posting the "layup" plays. But almost any stock that's oversold should bounce.
Preastorian, "the exact bottom"... I'm still trying to ID the bottom. Can you tell me what you'd look for if you were looking for a reversal off a bottom? I am using 1 minute candlesticks with 1 minute MACD and Stochastics. When the 3 of them agree AND I see volume confirming it that's my sign. Please tell me if there is something wrong with this as I know you have a lot more experience than me. I have been trading a little over a year and am just trying to settle down to a business of a few setups of which this is one. Thanks