The Big Mouth Stocks - APC and MELI - I traded them both today. Not a good day to trade them. The notes of my trades are on the charts. My net loss for the two was $140.
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A daytrader trying to make a "days wage".
About Me
- Denarii
- Will you work for a Denarius? - In other words "a day's wage". I am an individual trader that has 25 years of both good and bad trading who decided to take up Day Trading in hopes of earning "a day's wage" and leave the rat race forever.
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This blog is only a dumping of my mind. I will at times make suggestions on how to make money. If you follow them, you are on your own. With blogs - you get what you pay for and if you follow my suggestions - I will consider you crazier than I am.
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3 comments:
Looks like APC fell apart premarket. You had the right concept, but timing was off. MELI was a good trade but it's too bad you accidentally shorted more versus covered at the bottom. Whoops!
I feel the general idea of shorting the big mouth is sound. However, it may help to treat different stocks differently.
Many stocks simply don't respond much to the big mouth. I tried to trade big mouth a long while ago. The last one I traded was PHM. I bought it in after-hours when it jumped $1 to $42 ($10 today). Turned out I bought the high. I wasted probably an hour and lost a quarter. Next morning it didn't move much at all and actually got sold that day. I feel APC today is in the same boat. For these stocks, big mouth or not, there's just no edge.
On the other hand, speculative stocks could respond wildly to the big mouth. I feel it's rather risky to short them, at any price. I watched MELI whole day today and I didn't even dare to short at $65. I had an auto trader set at $62, then I moved it to $64, $65. Finally I pulled it off. In hindsight, $65 is a good spot to short, but it could go still higher and may not retrace at all. Big mouth said MELI is like BIDU of Latin America, showing how little he knows about the stock. However, the toad could be just as crazy as BIDU.
I feel the high probability big mouth shorts are normal stocks which are already extended. The SGR short you did a while ago is a good example.
Good luck to your trading.
I started to short MELI this AM in the pre-market, but decided to hold off. There were some guys on wallstreak trading it a lot today.
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