Well, AMCN was a fucking waste of time and effort. Not only did my $100 gain turn into a $10 loss but I only focused on that since I had a big position in it and missed potential trades in CALA, SGYP, and CNIT. I thought for sure this would be a big winner as it was getting to yesterday's lows but right when it hit 4.75 it just ramped back and caused me to cover at the top when it spiked above r/g. The only good thing is I don't have to pay the 1% overnight fee at Suretrader which would have added up to be a lot for over just one day. Plus, it didn't do much after I essentially topticked my cover. Even for one day it was $20 which is another typical full trade loss for me. I really thought it could go back to $3.50s at the very least if the deal is BS, which I think it is, but the price action is saying otherwise so I am not sure. I would think the stock would just fade like NQ did but it's holding up. Could I have taken gains? Sure. But I had a pretty strong conviction about this so I was willing to wait it out, but almost going r/g was too much for me. What a bullshit bounce.
Hope to just focus tomorrow on new plays.
Things to work on:
1. Not sure. Like I said I could have taken gains but I was willing to be patient even when it started bouncing because the entire move could turn out to be for nothing if the deal is BS. I sized into what I thought would be a great opportunity which is good and was patient with it. It just didn't work out.
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