11/29/16 Recap

+$1533 today from my overnight short on PZRX.  Missed a great opportunity on GENE.

Yesterday I started in short on PZRX.  I wish I would have taken a screen shot on my entries.  I got up to 4000 shares adding on every big volume move to the upside.  I was very proud of my entries.  I was patient and only added on the big moves.  This allowed me to stay in through all the craziness.  Though the less risky thing to do would have been to take the position off when it held VWAP and jump back in on every volume spike and take profits when it held after dropping.

The news on this was orphan drug designation.  This stock was getting serious bid propping manipulation throughout the day.  It was crazy.  But, this type of news, and the history of this stock suggested it would be a “one and done” run.

I decided to hold over night after the nice pull before the close instead of taking it off for a small loss.  It appeared that they were finally ending the bid propping and manipulation.  Sure enough it gaped down over 15% in pre-market.  I covered 1/4 into the pull to 2.30’s pre-market.  I then set my targets for the 2.30’s, 2.20’s and 2.00’s for when it opened.  We got a few nice rug pulls that I was able to cover more into. I got down to 1/4 size and wanted to hold the rest for the pull to the 2’s.  However, they kept stacking the bid with big size, both hidden and shown on level II. The bid just kept getting really thick so I decided to cut my last 1/4 when it popped after the pull into the low 2.10’s.  I just did not want to risk it running again given the look of the level II.  Eventually they will pull the bid again and it will tank further, but I was out at this point.

GENE was very strong this AM and a disappointing miss, especially sense it was ETB at my ETC account.  Given the strength I was looking for a move like PZRX yesterday, where it held VWAP a few times and pushed with volume to a new high.  I planned to get short into that push–ideally in the low 3’s.  It unfortunately, never gave that strong of a second push of VWAP.  I then thought about shorting around 12:30 EST on the push back up towards VWAP, but decided against it because the bid on level II looked so strong.  Sadly, I was wrong about how far that strong bid would take this pig and missed .50 of downside on the VWAP reject.

capture

2016-11-29

 

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