I added money to my SureTrader account last week and have been waiting to make my return to trading NASDAQ stocks. I sat out Monday and Tuesday because I didn’t see anything convincing to trade. Not a lot of high flyers as of lately.
I’ve been having a lot of luck with an over-bought scanner that I configured using Trade Ideas. Last night it called out XOMA and BZUN. By the time I checked on XOMA this morning it was already down big.
Wasn’t sure XOMA could take any more abuse so I moved on to BZUN.
The volume was very weak at the opening this morning so I assumed the hype and BS run was over. I should have checked the one month chart, news and honed in on the Alibaba earning news as BZUN was a sympathy play on BABA.
Its like my brain forgot to go through the fundamentals this morning. Revenge kicked in and I went for round 2. I ended up losing both fights.
Short – $7.54
Covered – $7.77
Short – $7.57
Covered – $7.80
I video taped this trade to help me further document what works and what doesn’t. Enjoy my pain and agony in the YouTube video below.