Recap for Tuesday March 3th 2015
Yesterday was an eventful day; lots of action for me: my overnight position on $RESN didn’t go as planned as it dropped in price, contrary to the expectation that it would spike in the morning. Additionally, I took 2 positions in $OREX, which initially resulted in a loss and then managed to recover my losses and some. Lots of stocks at play.
For my short list, $GENE and $EYES didn’t get the drop everyone is expecting; the price action was very flat and there was no significant movement. $BIOC dropped $0.5 on the day. $HMNY, $CYCC $DRAM had drops, but nothing significant or worth playing intraday. $ARQL actually had a green day.
For my long list, $RESN almost a $1 drop before retracing by the end of the day, $ABTL had a $0.5 increase, continuing the spike, but not as significant as previous days, $ZAGG ended the day in the red, so not really an interesting play either, $CHGG didn’t do much of anything.
Overall, yesterday has been a good day for me as I managed to almost immediately recover my losses on $OREX by analyzing the pattern and the previous behavior, even though I ended around -$20 on the day with my $RESN loss.
Today’s Watchlist
$OREX | ATR | Risk/Reward | Support | Resistance | Rating | Goal | Bias |
0.5114 | 1:0.91 | 7.49 | $8.38, $9.10 | ★★★ | $0.5-1.00/sh | Short | |
Notes | |||||||
This biotech stock is a $3+ winner yesterday and finally encountered some resistance at $9.10 before dropping down to the 8.70s on multiple occasions. $9.10 was retested 3 times before a major drop in price back to around $7.64 at close. Potential short if it spikes some more during the day. | |||||||
Concerns | |||||||
The price may spike some more, possibly back to its resistance level at the $9.10 level before it is worth shorting. Lots of sqeezes on this play yesterday. |
$GENE | ATR | Risk/Reward | Support | Resistance | Rating | Goal | Bias |
1.6386 | 1:4.29 | 5.34 | 5.45 | ★★ | $0.4-0.5/sh | Short | |
Notes | |||||||
This biotech stock has been on the watchlist for multiple days. Price has been overexetended for a while but price action has not been kind to traders. Potential short every day | |||||||
Concerns | |||||||
Very irregular stock, lots of traders getting burned both on the long and short sides. Trade with caution |
$EYES | ATR | Risk/Reward | Support | Resistance | Rating | Goal | Bias |
1.5957 | 1:2.50 | 14.59 | 14.78 | ★★ | $0.3-0.5/sh | Short | |
Notes | |||||||
Eyes is on its second red day after a $2 spike a couple of days ago, currently in the high $14s, may possibly revert to the $12 or $10 price point. | |||||||
Concerns | |||||||
Shortable shares are hard to borrow on IB, lots of competition to enter this play as a short. |
$BIOC | ATR | Risk/Reward | Support | Resistance | Rating | Goal | Bias |
0.7450 | 1:5.33 | 3.25 | 3.45 | ★★ | $0.3-0.5/sh | Short | |
Notes | |||||||
This is another overextended biotech stock as has been the trend laterly, lots of these plays going around. This is a potential short on a daily basis. | |||||||
Concerns | |||||||
Shares are hard to find and the stock has also presented irregular price action. |
$RESN | ATR | Risk/Reward | Support | Resistance | Rating | Goal | Bias |
1.8421 | 1:4.00 | 10.4 | 11 | ★★ | $0.4-0.75/sh | Long | |
Notes | |||||||
This stock is a potential buy on price action. It had a favorable Seeking Alpha article that yielded no immediate results in price action, keeping it a relatively boring play; it later reached $10.94 from it’s $10.45 level. | |||||||
Concerns | |||||||
Yesterday was marked by a big drop followed, by a recovery by the time it reached close; this stock might be boring today if price action and volume are not there to move it. |
Compressed List
$OREX $GENE $EYES $BIOC $RESN
OREX GENE EYES BIOC RESN