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Holding: PTEK
TimothySykes [81902] 
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| Symbol | Sector | Return | Exposure | Trades | Last Trade | Status |
|---|---|---|---|---|---|---|
| PTEK | Gambling | 8.63% | n/a | 21 | 09-Jun-08 | Prior Holding |
05-Jun-08
My Latest Successful Scalp Trade: PokerTek Inc (PTEK)
Holding Rationale for PTEK.
Shorting a spike like PTEK may sound simple—stock up big on hype and fluff news, me think it go down, me short—but outside of snakeoil world, there’s a few more real world variables to consider. Of course, when I shorted 1,000 shares into a spike at $5.60 (already off its highs though, reducing my risk of further spikage) this morning, I thought it would go down—there was a wall of sellers behind me, buying volume had diminished and if it could take out morning support at $5.40, it could really tank and perhaps go negative on the day cracking $5.15 and then it’d be tough to get much past $4.80-$5 considering that was yesterday’s support.
Buuut it was still green on the day, it was a morning short going for a quick reversal so it wasn’t ideal, and there were big block buyers. Oh yeah and there was that little thing where I have about a dozen writing assignments due in the next 2-3 days—blog posts, AOL & Yahoo articles and LiveStock scripts—so I wouldn’t be able to watch this all day like I typically do. … [visit site to read more]
Tagged Stocks: PTEK
Posted at 06:42 in Holding Rationales | Permalink | Top
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