A lot happenin' in the gutter

Today started out with more missed opportunities.

XOHO was announced as a prehit in Mike's chatroom. They had very positive financial news. XOHO opened green, but there was hardly any volume for the first 3 minutes or so, so I decided to look at other plays.

Big mistake, because volume came in only minutes after I stopped looking at it, and XOHO ended up running past 70 cents.




LESSON LEARNED: Just because it doesn't open with good volume at the very beginning doesn't mean it won't move. Keep your eye on the prehits.

BCRX was another prehit, in combination with drug news. These also like to run. However, it opened red, so I decided not to play it. However, that was just a brief morning sell-off, as it then turned green and ran. So, basically, I learned the same lesson as above. Keep your eye on those prehits, even if they open red!!!!!



Yesterday I talked extensively about BIHC's setup. BIHC was looking like it was ready to break out. I thought about jumping in a bit early at 4.4 cents, but decided to be conservative and wait for the breakout. It broke 4.5 cents, and I jumped in for 20,000 shares at 4.6 cents. It ran as high as 5.7 cents, only to pull back and close at 5.2 cents.




I'm holding BIHC overnight. However, I'm not sure yet what I want to do with it. I have to see a client during the market open tomorrow so I won't be able to watch it. I may set an order to sell at the open, or maybe set a conditional/stop order just below 5 cents to see if it will still run. The chart looks great, except for one thing....very little volume. There's a lot of message board hype on this one, but I'm not sure if this run can continue unless we see a PR or something to bring in new buyers.

I'll check it before the market tomorrow and make a decision then how I want to play it.

Yesterday I mentioned how I had bought a position in GFRE. GFRE gapped up, opening right at 95 cent resistance. However, it pulled a gap & crap maneuver. On top of that, volume and liquidity were terrible. I don't know how a stock can go from such huge volume one day to so little volume to the next. I got out at 82 cents for a $108 loss.

GFRE is still showing the trend of progressively higher lows, so I'll still keep an eye on it.



Finally came the power hour. About 15 minutes before the market close, I decided to buy 300 shares of OFI. I got filled at $8.96. However, it had a brief sell-off just before the close and closed at $8.87.

OFI's day chart looks beautiful. It's a nice clean breakout on big volume.




Since I can't watch it in the morning, I'll set a conditional/stop loss order in the $8.60 - $8.70 range if this breakout doesn't continue.

Another position I took before the close was ALDN. Normally, I won't buy breakouts in downtrending charts. However, this was a nice clean break of $10, a significant psychological resistance point. Volume was strong. I'm looking for this to try to fill the gap. I got 200 shares at $10.10. ALDN closed at $10.17. I'm looking for a push to $11 - $12 where I'll get out.

Even though it's a breakout in a downtrending chart, this play is a good risk reward for me. I'll put my stop loss just below $10, where I would be out for only a $30 loss or so. There's a good chance of this making a move towards $11 - $12 for up to a $200 profit or more for me.



Other plays I'm watching this week:

GNLK is setting up very nicely for a breakout. Look at the volume and the MACD crossover.



Yesterday I mentioned SKNY breaking above the 50 day sma. I said it wasn't my type of play. Too bad, because I missed out on a nice profit.




Yesterday I mentioned how NNVC couldn't decide whether to fulfill a head & shoulders pattern or not. Looks like the head & shoulders is winning. Unless they announce a very, very strong HIV PR, I doubt I'll be playing this any time soon on this chart pattern.



GSPG keeps following the same pattern. Break out, small pullback, rise up, break out, small pullback...now it's looking to rise up again.




GUTTER ACCOUNT STATS:

Beginning of month: $4856.64
Friday: $5865.73
Today: $5845.98

Today's loss: $-19.75, or -.34%
Gain since beginning of month: $989.34

Positions traded for a loss:

GFRE: $-107.90

Positions being held overnight:

BIHC (20,000 shares)
ALDN (200 shares)
OFI (300 shares)