Stocks to Watch 1.20.11 ” Sometimes you do get lucky”

Being around trading and traders for years you will ALWAYS here them speak of the trades that got away. I do my fair share of complaining when it comes to missing trades but how many times do you say ” Wow. I’m glad I didn’t take that trade”. Many traders refuse to use the word luck claiming that luck is made or earned and to an extent that is true but every once in a while we just flat out get lucky.

Today I took a scalp trade on MKND off off a flash crash drop, a trade strategy I have used in the past where I try to scalp some upside of the panic. Well the trade worked out ok and I made a little but then MKND continued to move higher. I felt that I had sold too early and wasn’t patient enough. I even considered taking the trade and mentioned that I may do so in chat. It’s a good thing I didn’t. For those who don’t know MKND stock was halted and investigated for trade practices. When it reopened after hours the stock was sliced in half giving up 50% of it’s value. What did that save me from, about a $3600 loss. The loss would not have destroyed me but it certainly would have stung a bit . More importantly that’s $3,600 I don’t have to make up for, a few less cuss words and a small tantrum avoided.Yea, sometimes you do get lucky!

Watchlist ICGN CCME CRNT LNET PTX ITMN

Scanners: ATML IM

Previous watchers still in play: KLIC TTMI SSN LNG MGIC IGOI

Wednesdays trades. TTMI (+685) SSN (+580) MKND (+60) LNET(-225)

ICGN

Pretty mice run on massive volume. I’m not sure this has enough catalyst do drive it towards $4 but that would be nice. I would like to see a morning pop and short the fade. If it’s a small pull back and starts to pop I’ll long it.

CCME

A different kind of trade. I do not like the reversal from the 21.20 double top area. My interest lies with this above 21.30. I want to long this as a swing for a 30 run. I may use the Feb to March 25 options for this.

CRNT

Acquiring some companies and slightly below 52’s . Well see if this has at least a positive morning where we can catch some early momo for a trade. After that I couldn’t tell you where this will end up.

LNET

Completely beaten down but had a breath of life in the afternoon. I took a trade on it but I was the guy who showed up to the New years eve party at 2am. Trade didn’t work. All that aside it probably has another bounce trade in it