We are not going to overkill the market in this late stage. Instead of reacting to every economic number and every fed blurb that is toying with investors, we are simply sticking to our weekend words. We are looking for the easy play, the easy money without being nicked. The short term bet, trade is on and speculation/momentum is what we are after. The market made a strong reversal yet the Nasdaq still finished red on the Fed speak. We're glad to see the strong rebounds in a few DJIM names, but we are not going out and buying the dips aggressively. Instead, we will wait and see if many of these get can get back to recent highs and then decide. At the moment we are into plays like the ESCL. How long you stay with one of these is not the question, it is how much profit you can get from them. We traded ESCL a few months back close to this price and thought that 'crazy' had the same potential today.....its' simply in its genes!. Last time this craziness extended into day 2, despite a nice run from alert time at $7 and a few pennies to over $9, we've kept some in case the loopy money has further to go.
The other buy was FFHL, an IPO from China with a very nice float of just over 3mln. Considering this is becoming retail traders week heading into the holiday, we were anticipating some of their memories of EFUT to kick in...ours did!. We can't make predictions and the EFUT's come around once a blue moon, but if this FFHL is a fraction of EFUT ...it would be the easy money we are after now. We watched it trade with a few other IPO's today and had no problem giving out a alert in the low 10's. Usually an IPO has some turning over to do before it makes a move, we were hoping it skips this step and gets momo early. Judging by the AH trading in the mid 11's, a rarity for a IPO...this might be getting some attention tomorrow. Hopefully this will have a longer shelve life than ESCL.
There was some comical action today...unfortunately it wasn't for those that had their stops knocked out. The offering was quite small even for a JST share count and the money was going to a good cause...expansion. The wash job to $19+ was a joke. Many of DJIM readers probably sold off yesterday and missed the sweet dip opportunity..we did for the most part.
The dip buying could be quite nice as seen in POWL AXR especially, but we are concentrating on those still playing around highs if adding shares.............OPTM was one today as it closed with a NCH.