This Is What Good Short Squeeze Looks Like (AIG)
|AIG 1 min, notice the ascending triangle with each squeeze higher|
If you were one of the lucky guys who actually listened to my tweets or were in my stockMONSTER chat room you would have got into AIG when it was acting out off the open up about 1.5%. (AIG has 15% short interest and 7.5 days to cover as of this afternoon). The only news on AIG was the announcement of a 3bil$ credit facility, which must have got someone scared…
The financials were bid as well, what caught my attention was GS moving up sharply off the open, though i have seen that story before. This is exactly why i stay away from entering positions within the first 15 minutes of trading because usually the opening move is not the continuation move. Let the special stocks stand out after 15 to 30 minutes. Remember all you need is one or two solid winners to make a day, you do not need to be in 30 different stocks, especially in this god forsaken market..
I tend to spend the first 15 to 30 minutes closing out previous days positions or working myself out of
pickles i seemed to of got myself into the day before. As a day trader who does trade across multiple assets as well as cross margin it can really take a bit of focus to shore up your positions. It you are taking time to enter new positions as well as clean up some crap from the day before the first 1-15-30 min you are spreading yourself much to thin.
Today my focus like i said before was on AIG as well as NFLX downside as she broke 180 and TEVA on the insider trading allegations. As you remember Thursday TEVA had quiet a day, though the you know how these biotech/pharma stocks trade; they usually give back some chips to the house the next day in one way or another.