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A Decent Day with an HOD and a Near LOD Pick
2/4/2011 4:08:53 PM

I started the day with a decent short sale of Opnext, Inc. (OPXT) @ 2.91, which was the HOD. Soon after part of my order filled, IB's TWS got hung and it was not responding. When I checked in ScottradeElite's level II, it was trading at 2.53. If I were using Scottrade as my broker, I would have covered around 2.53 but by the time my TWS started responding it was trading 2.57 X 2.58. I hit the ask to cover my entire position and made 12+% in about 4 minutes. I also made a couple of trade for some small profits.

My buy order of EMCORE Corporation (EMKR) was filled @ 1.55, which was a penny above the afternoon's low of 1.54. When I looked at ScottradeElite's level II, it looked bit weak and it was trading at 1.57 X 1.58. I wanted to sell 1/6th of position at 1.58 to see the strength but I placed a sell order for my whole position. To my surprise, it got filled instantly. You may know that it set a new high of 1.83 (about 15% more than my sell point). If I had bit more patience, it could have made "icing on the cake". However I don't regret as such opportunities could come in future.

TGIF and enjoy your weekend.


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