Thought today could be the day but unsure so traded defensively and kept entry close to the stop out point- $14. Glad it worked out.
The entire shipping sector tanked today. I picked two of them. DRYS got offering at $40 and will open at 10:30am so I should have sized in BIG prior to 10:30am anticipated the tank. I got scared from yesterday trading based on anticipation so didn't size in quite enough. DCIX's unwind is unreal. -60%!!
SINO-Yes I made more than $20k but underperformed. I though about getting back in after coming back from lunch ideally $8-$9 POS but it couldn't get there. It was extremely weak!!!! I should have adapted and short anyway(chasing) but didn't. I ended up watching it tanked $2 from when I came back.
DRYS finally. It's got halt premarket yesterday and opened up today 60% down!!!! As expected it's got offering. the tricky part is last couple days. Yes it looked easy on hindsight but it wasn't easy. Jay, AT09, Bullzone, Ericwood and many other big time traders paid price for it shorting at wrong time. I myself ate $40K loss on monday. But looking back I didn't and will never regret my short... the ONLY thing that I regret was when I saw red flag/danger sign I didn't get out quick enough and flipped long!!! Had I longed I would be filthy rich right?! But there is a lot of risk on long side because it literally could halt or made offering anytime. This time it was at $120 premarket yesterday but it could be at $100, $80, etc....So it's much safer to long small it and longed big on sympathy plays like I did yesterday on SINO.
One last regret I had was not trading appropriately on SCON and BNSO. I saw BNSO at $2.20ish and relative volume told me to long it but I hesitated and it went up many points and I didn't wanna chase. SCON was tricky. I turned winner into loser. I thought the top was formed but guess what the volume surged so I remained disciplined and stopped out and flipped long 4k shares. I thought it could keep traveling but it breakout $4.20 and peaked out at $4.50 then unwinding from there. Classic fakeout breakout action followed by unwinding. BNSO followed with SCON and unwinded too. It's pretty clear the same group of people trading these two. But when it looks clear it's always late to profit from.
i luckily sold 4k shares near the top. The only regret was not flipping short again. Yes I saw people tweeting about it knowing it as a turd but doesn't mean turd can't fly. The story behind the scene is people liquidating shippers and pouring money into BNSO and SCON and they are weak hands.
Yes I made nearly $50k today but underperformed. After everything I been through last 3 days I got scared. I have to admit it. I got myself into trouble shorting premarket and holding into open twice-11/15 & 11/16. I thought about the possibility that it could trap us again and fade off tomorrow. Frankly at the open I am not sure about it BUT when DRYS(leader) announced about open at 10:30am and priced its offering I should size in BIG!!!!!!!!!!!!!!!! But again too scared to do it. As expected when DRYS opened all shippers made round2 tank and never looked back.
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