Thursday, May 6, 2010

Damage control...

I closed out my long position in LSCC this morning @ $5.30 for a loss of about $110.00. It could have been alot worst as I was initially risking upwards of $350.00 on this single position during an obvious market correction! This was a very low probability trade! I cannot believe I actually took this trade and with 3X my usual per trade risk. Anyways it has gone and the damage has been limited.

I am still holding my SSRX short and still believe that the odds that it drops to $10.00 is still high. I am not looking at any other set up for today. I may still look to get long later this week but the markets are currently too over sold to initiate short trades.

I still like LSCC though and will be keeping an eye on CELM, and MSPD for long swing trades. The markets are very over stretched to the down side and and violent bounce in the near term is very likely. So I am keeping alert for quick long trades.

Good luck and good trading!

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