Trading Recap 11/27/15

I was looking forward to making some trades but ended up not taking anything even though I tried to get some orders filled. I think if there was a theme for today's action, it was easy vs. hard plays. There are the hard plays which everyone is looking it and then the easy ones that are on nobody's radar and act very predictably. It's always best to focus on the easy plays and then see if the hard plays are worth trading.

CANF: This was the easy trade for the day which I tried to get filled on a few times but unfortunately never did. A predictable PR/ER gap up happens and then when no one is watching the stock falls back to oblivion. This has happened time and time again on this stock and the stuff right at the open solidified the idea that this would just be an all day fader, as usual. I tried shorting $3.66 and a little lower but the constant selling made it hard to get a fill.

AEZS: I didn't have any thoughts about this at the open although maybe I should have been short biased given the weakness that followed in premkt since there were clear lower highs. Once it did washout a bit though, it had some higher lows and looked really nice for a reclaim of support and continue higher. It ended up spiking close to $2 before coming back down. Sort of a random play that wasn't really worth much. Just because a support has reclaimed in this fashion doesn't mean a spike like this will occur.

VLTC: I wasn't too interested in it since the SSR was on. It ended up washing out nicely but then squeezed back towards $8.5. I wanted to short around $8.5 but there was no margin allowed so it wasn't worth it.

GENE: I was looking for the prior day's support to crack for a short. Once it cracked and peaked I tried filling on a short but it never came to me. It wouldn't have been worth it anyway since it came back.

KBIO: I believe I was long bias going into the open due to the news that no more shares would be lent for shorts and the fact that suretrader and other brokers had it ETB, which I thought would make it crowded and a more likely squeeze candidate. It looked like it was going to crack but then got back up, which got me interested since I thought perhaps some shorts got trapped. I was looking for any strength to start into since I wanted to see some signs of a squeeze first. However, it looked very heavy and it just fell instead. It had a nice descending triangle so the short was easy enough but I didn't act on it since I was only really looking for a long.

EFUT: Looking back at how KBIO traded on Day1 and comparing it to EFUT, the charts are pretty damn similar. I did look at this chart beforehand was short biased for the morning but didn't think there were any good entries. However, and looking back this was foolish, I saw it was consolidating with an ABCD pattern and so became more long biased, especially after seeing on Twitter how this deal had actual potential. (Note to self although I probably made a note to myself already on this: Don't listen to twitter for real time trade feedback like this.) Looking at the KBIO chart now, it did the same thing before dropping and then not doing much for the rest of the day. Nate mentioned how it was trading heavy and not thin like a 2M float ticker would be trading. Nate also shorted right at the open and the readded when it pushed a bit higher. I could not get a sense of that from looking at the L2 and while there wasn't much volatility, if that is what they meant. I need to get better identifying things like this.