ZEEV, TRADING - up to ZEEV:354953, 02/06/05
02/01: (352561) (*COMMENT*)
Cause for concern on OSTK would be his charasmatic nature which was all the red flag I needed to avoid OSTK even for a 5 minute time frame scalp..
The last time I listened to his conference call (2-3 quarters back?) the guy was talking about the float of his stock and how fast it could move up if the shorts got squeezed, and also 3 times he mentioned how he was aggressively shorting AMZN in his personal account..
Not the kinda place I would put my money.. even for 2 seconds.. I respect Zeev more then any other trader I met in cyberspace but sometimes I have to scratch my head when I see him playing 'gambling' stocks like OSTK.. but of course the flip side to that is he can manage the volatility/low float alot better then I can so perhaps its just my lack of abilities that keeps me from these?
GOOG, RIMM, TASR, OSTK makeup a list of several dozen comapnies I refuse to trade.. Overpriced junk.. momentum vehicles with automated market makers and average trade sizes of 100 shares are less.. Just try getting the hell out of dodge when those games come to an end.. Heck- if I need that kinda volatility Ill play a REAL company like AAPL for example..
(*END*)
Did you look at OSTK chart and when I started to get interested again, as it approached the gap between about $47.5 and $48.25, sometimes the stock bounces from the top of such a gap, and does it few times (see BIIB for instance), sometimes the gap get filled. Friday I entered after a long absence, and it bounce a little distance from the ap, so yesterday I took first a double bucker profit, then I dropped a little when $52 was breached, a very rational approach ($52.12 was the point that gap was last approached). Today, I waited patiently until $50 was breached entered, and then entered again when the top of the gap was breached just before the close (that position yielded another $1.65), in AH we finished back above the top of the gap, and market willing, that is all that need to be done for now, for closing that gap. Why you find that a gambling play, I know not, it was a perfectly rational approach. Look at the chart and you will see the rationale. DRCT was another gap play aborted early (I probably should have stayed a little longer, but decided that other "legal shoes" might e falling soon, so I'll be able to reenter again under $18.65).
