Tuesday, May 8, 2007
Study Break
I sold FST for a decent gain, and BRNC for a nice loss at the open. Both plays were from Cramer's game plan, and I ended up with a net loss. I really liked BRNC, with the rest of the drillers blowing away estimates, but they could not follow the herd. Oh well, that's what I get for listening to Cramer. I trade much better when I trade on my own ideas (see quote above - imitation is suicide).
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3 comments:
you also get punished for going against cramer as well. i bought DNDN yesterday after hours at 17.93. seemed like a good price to me. i went away to do some other stuff and came back an hour or so later to see it trading up at 18.15, a decent little AH move.
then, cramer apparently ran his mouth on mad money about how the provenge approval was already priced in to the stock and probably wouldn't go any higher even if the drug was approved. it traded as low as 16.85 after hours and closed somewhere around 17.30. this idiot says this when about 40% of the float is betting against the approval. if or when this drug gets approved, what are the shorties going to do? short more? what a moron. some hedge fund buddy of his that was short probably paid him to say that. today it's down another 4% after being down 7% yesterday.
I got back in DNDN around 19, a small position though - I'm playing with the houses money and will let it ride.
I hear you on Cramer.
yeah, and now that i say that the thing ramps up. best of luck to both of us.
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