Even on a day when I sold off my short positions at a loss, I still managed to make a profit, thanks to an unbelievable spurt by NNVC:
NNVC: 0.13 to $0.64 ( 25.49% , 36.17% overall)–bought at $0.47
OVERALL: +0.28%
Ed's Talking Stock Caveat emptor
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NNVC? Wow! what a ride today. Any idea why the big spike??
As I mentioned before, I sold my position at .59 today and was feeling pretty darn lucky since it immediately dropped back down to .50.
Ed, do you have any idea what’s up?
oops sold at .56 not .59. I was still pretty happy at the time.
I suspect there is a big fish somewhere with an interest in NNVC. That would explain the occasional up moves this stock gets. But that is only speculation on my part.
Ed, if you look at the volume, it’s been insane for the 3 days of this huge up move in NNVC, including today. The company is presenting at a medical symposium today. They will talk about their research/products and sometimes even new info is presented at these things. Hopefully this means the “big fish” (or an entire school
) knows something.
QD, I’ve seen NNVC announce these kinds of events before, and they never got a pop like this one. But you may be right.
Ed, it’s not a profit until it’s in your wallet. Especially with NNVC. It could just as easily be down 25% tomorrow. That’s why I track my progress by what I’ve closed out. If I’m having a good month, I will sometimes take some of that profit and make a decision to close out portions of a severely underwater trade (JRCC, I’m looking at you). At the end of the day, I’m worried about what I’ve made, not what I could make if the markets are nice when they open the next day. Just a thought.
I’m only sitting on a base position of NNVC right now. If it drops into the 40 cent range again, I might buy some more.
And you’re preaching to the choir about the “profit in the wallet”.
1550!!!!! 1550!!!!!
Not around much this week with work, but update on my FB position. I had closed out the losing March 1st puts at 28.50 for 1.28. I sold for .47. Funny thing is I had set a limit order before I left for the day when the puts were trading around 1.42 then about 30 or 40 minutes after I left someone decided to spend a few bucks on 6 million shares in 30 minutes. Would have saved a bunch of money if I could have stuck around. Either way still a bullish sign to me. Still holding my March 8 28puts, going to let them exercise if it stays under $28 a share.
In other news I’ve been trading spy options more frequently. A few things the implied volatility in the options market is higher than it was a few weeks ago, and with last week’s selloff that’s obvious. Today the P/C ratio was 2 which is pretty bearish, considering the market moved higher today on volume that was a bit better than the other days. Also I noticed premiums showed a divergence from the price action in the Puts towards the latter half of the day. Not a big one, but the bid ask did not correlate very well with the SPY. I do not have a lot of other data to give from other days but just thought I’d share what I noticed today. Does not mean I think market will crash or correct or whatever, just that I noticed something out of the ordinary. Remember to be careful. Cannot repeat this as Mike does enough. Each day is an opportunity to make money or have it taken from you.
BTW, Sharebuilder just dropped their brokerage commission to $6.95 from $9.95. I can’t say I recommend them, although I’m a customer. Nice to save a few bucks though.