Bought SLG @ $23.05
By admin on May 26, 2009 in buys
At around noon I bought SLG at $23.05 after picking it from quite a few stocks on my screener based on these factors:
(1) It appears to be in a long term bullish trend since early March.
(2) Instead of a gap up and sideways or a gap up and a fall it had been moving up all day.
(3) It appeared to be close to a resistance point at $24 ( it’s high on May 8 ) which I figure if it breaks through ( which it did briefly around 1 PM ) that it could really skyrocket up.
—
All of that being said, this was far from a perfect entry, I was away this morning so I missed an earlier entry point. It probably first appeared on my screener at around at around 10 AM at around $21.50 but it’s movement up through when I bought it (noon) made it look like a more solid pick.
After it peaked for the day at about $24 at around 1 PM it fell a bit and closed at $23.43 which is a modest 1.6% gain on my entry point.
Probably the most disturbing thing to me is that this 10.6% gain day didn’t include a volume pop. In fact the volume was down at 3.9 million compared to the average volume of 5.7 million.
I’ll be looking for a morning pop tomorrow, if it’s not there I may bail pretty quickly.
From following your blog, I’ve noticing you’re starting to play away from the pennystocks, any particular reason for that switch?
kenn | May 26, 2009 | Reply
Yes… All of my money is in SogoTrade now for various reasons (they approved me for margin when Ameritrade did not… basically this meant that I had to wait for 3 days to have access to my money again after a trade with Ameritrade… that was a deal breaker) and they only let me trade stocks over $1 at their $3 price (anything lower than $1 is $27+) and they only allow me to use margin on stocks over $5.
—
So on SLG it opened with a gap down … But it seems to be holding this new position, looking at the overall trend I think I’m going to hold it unless it drops below this new resistance.
admin | May 27, 2009 | Reply
It showed some signs of recovery but finished down 8% today… I’m not down quite that much, but close to it.
I’m still in but… I will need to see some real signs of recovery to keep holding.
admin | May 27, 2009 | Reply
Still holding.. It’s at $22.55 now (nearly back to my entry point.)
admin | May 29, 2009 | Reply
Closed at $22.90 … Pop up on Monday?
admin | May 29, 2009 | Reply
Yup! I’m getting my pop.. It’s up to $24.66 right now (10:05 AM) that’s a 7.7% gain today.
Hopefully this is just the start of a huge climb now that it’s broken past the resistance…
admin | Jun 1, 2009 | Reply
I’m just looking at this now (around noon) and it’s at $25.90, that’s up 13.1%! Great pick.
Mike | Jun 1, 2009 | Reply