After suggesting a low $7 area may be a good grab for MBI on the dip yesterday (where it hit $7.04 as a low) and suggesting once it confirms a break over $8 to add there for a bull position here we are today up another 12% or +.93 on the day.

View yesterdays blog HERE - View the previous nights HERE.

MBI looks like a good reversal coming off the bottom, I’d watch for dips back towards the low 7’s, once support kicks in probably pick up a few for the test of $8, on the $8 break I’d probably add to it

Congratulations to everyone is has been playing it! Being the trader that I am I always like to lock in some gains, a near $1.50/share gain from the first grab and a near $.50-60 gain on the $8 grabs. This has squeeze written all over it so I’d be inclined to keep a few shares for that possibility, but not a full stack because after all, we can’t be sure whats going to happen, but we can be sure of profit if we lock some in!

FBTX did exactly as anticipation gapped up out of the open and right back under a buck! ($1.10 down to .80)  You can view that HERE.

FBTX - I’m never a fan of Nasdaq stocks coming up from the sub .50 cent range we’ve had some pretty good success shorting them, watching for this one to gap from some of the carry over momentum and watching for weakness to short on

MOT posted some comments HERE during the morning sell off with thoughts regarding the action to take. So far nearly a .40 cent drop after weakness kicked in at $9.95 when 50k sellers kept crowding the offer.

Now I know I’m not always right, I try to play with the odds on my side, pay attention to technical support areas, resistance points and momentum and with all those factors combined, try to squeeze a profit day in and day out.

But sometimes, just sometimes a call is so perfect it scares me… so with that I dedicate a post to just that, last nights commentary regarding MBI (which you can find HERE.)

Intraday low of $7.04, before testing $8 and hitting a high of $8.14 so far today.

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From last nights scan

MBI looks like a good reversal coming off the bottom, I’d watch for dips back towards the low 7’s, once support kicks in probably pick up a few for the test of $8, on the $8 break I’d probably add to it

SCA had a nice mid day accelerated move from $2.35 range to $2.80 the kind of .50-$1.00 spike I normally talk about wanting to see to take on a starter short position (short) before adding once a downtrend is confirmed. Currently its been consolidating around $2.40-2.45 area but once this loses $2.40 it may sell off into the afternoon. HOWEVER, if it holds this area (support) there’s a good chance it continues its squeeze into close. So keep that in mind, if it breaks back over $2.50 I’d probably take my profits (cover) from the spike intraday BUT I wouldn’t leave the stock all together. Keep it on radar, keep those borrows in there just at higher levels because there will be an opportunity on this one!

SCA 200% gainer in the past few days, its probably a good idea to get borrows early at a higher prices in case they are hard to come by once everyone senses the weakness. If it’s a gradual move up tomorrow I ptobably won’t take on a short position until theres an accelerated move or a breakdown is confirmed

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Scan for Thursday HERE

A brief recap of the past two trading days which have provided some extremely successful trades off of scan! MNKD the first which is still in play was setting up to be a perfect breakout. It took out the $3.25 early, held $3.25 support all day and squeezed into close!

These are the previous blog entries the past two days regarding MNKD:

MNKD setting up a beautiful chart here, keep on breakout watch, from scan HERE.

MNKD starting to turn up a bit, this one has fell from grace. This is a buy if it breaks back over $3 and holds it, and I’d add on a $3.25 break. It’s failed to break it the past two attempts ($3.25) but take a look at the 6 month chart below this one… you’ll see the move that it “could” have if it reverses

RTK took out the $2 level, I’d like to see this consolidate around this level so it can support a higher move than just $2.50.

From scan HERE.

RTK - it may be a one day wonder like HDY was today, but if this can consolidate and hold $2 this may be attractive for a squeeze over previous highs

SCON I am monitoring every aspect of this for a squeeze followed by a lot of weakness (if history repeats itself) it’s almost made it to the $2.50 level I’m hoping it squeezes and gives us a shorting opportunity.

SCON - Setting up similar to (USS) from scan HERE, I’d watch for the $2.50 break as this could squeeze towards $3 easily - I’m watching for a spike in volume with little price movement to signal a top

EMIS up another 8% today, watching for a squeeze tomorrow and then I’d think about profits… once it consolidates possibly jump back in but good enough for the quick trade if it test high $3s out of open.

EMIS beautiful breakout move here, I’d watch for consolidation around $3 as it attempts to break through the $3.50 mark.

SKNY good sale today, it was lacking momentum on its move up, didn’t break $.40 and turned out to be a good sell out of open

SKNY had 16% gains yesterday, 6% gains today I’m a seller on the gap tomorrow if it doesn’t carry some momentum into market open. Scan HERE.

HW nice profit opportunity and the cover available under $13 for quite a while, it squeeze up into the after noon which means its still in play hopefully takes out more highs and gives us another shorting opportunity.

HW showing more weakness here, topped out in the mid 13’s ($13.48) almost back to $13, longs may try to hold the $13 support but if it test it there should be a good covering opportunity when stop losses are filled on the loss of $13.

HW - Watch for the $13 break out of open, this is not an immediate short as there is still upside potential. I’d like to see a gap and squeeze towards mid $13s-$13.75, and once it shows weakness probably short it back towards $13s.