Praetorian2: Thanks for you prompt reply. Regarding my last question, I was following up with a statement you made in your 3/14/01 post: "BAsic plan is to wait for specialist to block, or be agressively buying on teh first day that it's green. I wait 1 hr, and then if it makes a new high I enter. I usually either scale out, or just sell the first pop, when i see the specialist taking profits on his. Most likely if he's long and he thinks the sellers have left, he'll move it 3-5 pts and start selling. Once he starts selling, you should as well. " I was just wondering the best way to determine if a specialist is aggresively buying or selling. Is there a way to determine his intentions other than just looking at overall trade volume?
to tell what the specialist is doin, you just watch him, it's hard to explain, but there's a method,a nd anyone who trades with me from this board can vouch that im on target about 90% of the time. All those stocks if you bought on the open would have banked hard. APW especially, up 40% i think today. Here is my full list from today. I took scalps in about half. APW TWTC WAT SBAC ITMN PCYC DIGE LEON MDCC PKI ABI IMNX I think this pattern should really make sense. Did anyone else play these?
Could you please list some of your entry and exit prices for these plays? I noticed that many of the plays tanked downward after the open, but then recovered in the afternoon.
ABI: 1000@23 on open, 500 at 22.5 I then bailed on all at 22.5 for a loss. REbought 2k when it made a high at 23.4 started selling 500 every 1/2 up after 24.5 PKI 500@46.72 500@ 47.9 bailed on all at 48.1 APW 2500 on open at 6. 500 at 5.95. 4000 at 6.4, ditched half at 6.6, sold rest 1k at a time every .3 up. IMNX 4k at 10 13/16, sold 2k at 1/4, 2k at 3/8. SBAC 500@ 18 1/8, i sold at 18 for a loss ITMN 900@ 13 15/16 and 13 7/8 sold at 15. As you can see, I usually get out too early unfortunately, but im just looking for the meat of the move, and no one gets poor taking profits. I asume that as the market improves a bit, I will look for larger gains off these. ps. if you want time on them, i'll go back, but it's annoying to type each one in on every trade (especially cause I have my "core" position, and i usually trade around that)
apw ended up almost doubling in 4 days from it's low... not bad ehh.... Next one im stalking is pktr. Best of luck guys.
Im still stalking pktr. Im also doing some work on recent lockups and how once the first wave of sellers come in, the buyers who put off buying for lower prices seem to move in. Look at eden. That's a great example. If anyone wants to work on this with me, im me at hkuppy on aim. I'll be on this night doing it (wed night).
Im long pme.. just 2500 @ .25. Not a huge lot of volume here, but they warned today and are green and have traded about double the daily volume so far today before noon. Stop is at the low of the day. Do your dd though cause i've had a really bad cold spell lately.
I took the point and 2500 and bailed at .2, I've been trading poorly lately, so any profits are taken quicker til im out of this spell. But i assume it fills at least most of that gap at 16. I've almost given up on pktr, it's much less oversold now than it was at the beginning of the week.
Praetorian2, I was wondering if you could provide your comments for the following stocks as possible plays for Friday? Thanks. ZNGN,POP,SWIR,ZNGN,ARTT,BJCT,CATZ
sure. I looked at all of these in my scans and rejected them for various reasons. Zngn is a simple trenline break. It's not oversold or anything else. It probably continues downward. pop is a consolidation, the volume is probably that 12 buyer being eaten up. My guess is it continues lower. If it had more volume i'd be shorting it on the open 12.3 stop. swir isn't oversold enough. It's just breaking down. It's probably a decent short here, but it's too oversold for my tastes as a short. artt could be an easy double, or it could delist first... I rarely play anything under 3 a share. But you could probably make 50%+ on 10k shares if you're bold. I honestly wouldn't bother. bjct is just a consolidation with volume. catz is too thin, but it's a gap down. I don't like gap downs. The only reason I liked imnx, abi and apw was that they looked like exhaustion gaps down. This looks like just bad news gapping down. I scanned for over an hour today and couldn't find anything sexy besides cosn, pktr and pme. The only one I like though is pme. I think that instead I will use tomorrow to practice trading against the MO specialist. It used to be my bread and butter but decimals screwed that up. I need the practice cause I want to go back to it.