Jan 8, 2009
Sold all my GGP into the open run up for decent wins; now trying to figure out best price to re-buy shares at, currently at 2.01 and dropping.
My other positions I entered yesterday while 'shopping for stocks' are all in the red, as anticipated (COMPQ runs usually 3-5 days same-direction in a row); wanted to get in yesterday in case of an upside reversal, since first week in January often gets a lot of buying. Looks like those entries will be in the red today, except for the GGP; will hold through to see where they move during the upcoming few sessions. Will not be trading heavy today since most of cash in stock now, waiting for upside day to sell into.

10:22am EST Technical note: TRIN/TRINQ not wildly bearish, NYSE TRIN at 1.10 and NASDAQ TRINQ at 1.07 at 10:22am EST, so not averse to buying here for oversolds that are starting to bounce.

10:53am EST Nice to see the market's bouncing here a bit, COMPQ up +.82%. In 1k GGP from average 2.07, will see if it continues up.

2:08pm Just sold 2K of my 4K LEE at .54 here on this spike up for a $300 profit. Will re-enter later if it gets over $1, eg next week likely etc, looking to sell into this spike for a quick profit. It's unfamiliar to me to be trading these cheap sub-$10/sub-$1 stocks, but the leverage is great if you get it right, so that's why I'm trading these, vs the over-$30 ones, in this market.

2:20 Sold remaining 2K shares of LEE at .53 here. ca-ching! (now watch it run to $3/share without me lol). But I'm up nearly $700 profit in closed trades for the day so far, that's good. I'll buy it back if it drops sub .45, though it may not do that.

P&L Update: as of 2:25pm EST, I banked $698 in winners today:


Here's my trades as of 2:25pm EST today, Jan 8th 2009:


Amounts in blue are profits, red are stops.

2:30pmEST bought back 1000 at .56 here... Strategy on these cheap-stock pops is to sell all out into brief
rallies like I did, on size, to bank profit... then re-build a position if it drops back to near day's lows, and/or re-buy
on breakouts, using close stops.

3:19pm EST bought back another 1k shares LEE at .58, total position size now 2k at .57
3:24pm EST bought 100 LVS here at 7.31, total position now 800 at 7.72

3:41pm EST bought just 100 PALM here at 4.15, will see if it breaks 5 in coming days/weeks, on cnbc CES/consumer elect. show story

To success,

Ken

(these are not to be construed as trade recommendations, they're just for educational use only, so you can see what I'm trading myself)