Thursday, March 10, 2011

Update...

Was doing a good job of sitting on my hands until in the afternoon when I saw the low float oils moving and decided to long $LEI in anticipation of an afternoon spike and then morning gap. In light of the fact that I had no day trades available and would therefore have to hold over night; I took a smaller than normal position size. I bought 100 shares @ $3.50. The trade started out perfectly and spiked as high as $3.90 or just about 11% in a few minutes. Then the markets and oil came crashing down into the close and so did $LEI which gave back all the gains and closed at $3.50. I am hoping for a gap or spike after hours/pre-market to cover my commissions or at least a flat open so that I can escape with a small loss!

The markets look like they want to fall apart. Today is the first in a long long time I did not see buying come into the close especially after a weak open; very ominous sign!

Will post my watch list later.

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