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JSDA- Not Worth The Risk
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I was stressing last night because I was short so much JSDA (relative to my overall portfolio). I tried selling yesterday at the close but was denied.
LUCKILY the market tanked today and brought JSDA down with it. Instead of booking 2% yesterday i made 4.5% on accident.
Here is the rundown.
Yesterday afternoon JSDA spiked on a downgrade. Since I believe investors misread the press release, i went short at the top $16.30. It was planned to be a daytrade but I accidentally missed my selling opportunity.
Luckily no news overnight and a tanking market brought JSDA down with it. The support kept picking up at $15.60 so i figured it it breaks that, there will be a massive sell-off and I will buy the shares back. The stock didn't break until 2 minutes before market close today. Since there were so many traders buying back their short position the sell-off never happened. I sold at $15.60 (the very bottom) and pocketed 4.5% in 2 days.
I never meant to hold this large of a position over night. It is just to damn risky. I got lucky but dont plan on doing it again. You never know what can happen over night.
This strategy of daytrading volatile stocks has been working really well and is a lot of fun. I know I am not supposed to be having fun (no emotional involvement) but thats just to fn bad. Hopefully I can find more opportunities like these. |
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This site is not just a place for me to speak my mind, my goal is for these posts to be a catalyst for conversation. If I have stimulated some thoughts/ideas please be sure to contribute below. Dont be shy =)
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