Short only strategy sometimes an exercise in futility. My broker TDAmeritrade won't even allow short sells on otcbb stocks and most brokerages have a similar policy. More than once a listed stock did not have share available to short and all I could do was sit and watch in frustration as it fell. You will soon want to learn the long game after running into a few more similar to your two today. Why only rely on a one trick pony?
just shorted 1,000 CNEX at $6.15 and covered at $5 in less than 10 minutes, now its at $4.25...wow! sorry for not posting real-time but it happened too quick, my priority was on my trade.
what was the trigger for you to enter the short. do you just automatically short once you find these parabolic stocks?
i base everything off tim's blog and he did this post pre-market today: http://timothysykes.com/2008/05/14/...ys-that-are-surprisingly-borrowable-to-short/ so when the promoters stop pumping out press releases as much, that usually signals a fade is in order and then the key is whether or not stop losses will be taken out or not. today's drop was much greater than i expected, but i'm happy with my gains.
even though i profited solidly today, CNEX finished down 66% on the day, or 50% lower than the $5 price where i covered. holy smokes batman! simply amazing
just got out of one of those horrible non-stop morning meetings! on my watchlist for short selling today KYUS (spam mailer), CNEX (again on the bounce) and SSBX (looks like i already missed that move) it's doubtful that i'll trade any of them because i have a ton of office work to do, but maybe one or two into the market close
as expected, no time for trading today, nothing faded into the close as the strategy calls for. KYUS should be favorite tomorrow, but only if it can display some weakness, otherwise any strength opens it up to a possible Friday afternoon short squeeze. PDO might also be a short squeeze to sell into, but i will have to research that one tonight