M-Macy’s Despite the major indexes being in a spiraling downtrend for the past 2 months; Macy’s has actually gone up quite a few percentage points in the past 3 weeks. It’s right around the point of break out and if it does, you’re looking at 5-6 points if that gap above-head gets filled. Paying close attention to 41.60-42. I am long this stock.
CRMD - CorMedix Inc. Stock is up about 30% on news that clinical data from one of their studies will be published. CorMedix Inc. “announced that an clinical abstract highlighting key data from the Company’s landmark post-approval surveillance study has been accepted for publication in the peer-reviewed American Journal of Kidney Diseases, and will be presented as a poster during the National Kidney Foundation® 2016 Spring Clinical Meetings, held April 27 – May 1, 2016, in Boston, Massachusetts.” While that’s great news, I am not sure it warrants a 30% move in the matter of days. It’s extremely important to remain cautious when shorting low priced securities, this one in particular because it’s a runner. Even with that said, I do believe, there’s a possibility you can make money shorting this stock. I always wait for confirmation of a downtrend before initiating a short.
GLNG-Golar LNG Limited Stock is up over 50% in one day on favorable news that the company has signed a Memorandum of Understanding with Schlumberger Limited. (NYSE:SLB). That's all great news but the longer you remain active in the markets; the sooner you begin to realize that spikes like this just aren't sustainable. Looking to short rallies and/or the first sign of weakness. *Low float and high institutional ownership*!
I am still looking to short CYBRspikes and watching for another possible break out with NXTD. FNMA is also on my radar for a potential play.
Last weeks recap** CDRB +30% BSI +15% CYBR + 4% NXTD +80% *** (If you didn’t sell w/ the share price almost doubling in one day and held on, you should still be up about 10%).
I am still cautious going into next week but keeping an eye on the broader market (SPY, Dow, NASDAQ, Russell) to see if we've bottomed!
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* The Watchlist is just that, a Watchlist. If the set-ups don't present themselves allowing me to enter the trade, I pass on it.
**Percentage gains/losses is based on closing price (Friday-Friday).
***Percentage gain calculated from closing price on Friday(1/15) and the high on Tuesday (1/19). Refer to previous watchlist outlining how I intended on playing this speculative pick.