The Best Source for Penny Stock Insight
No Nasdaq stocks interest me now. In the video I go over interesting pump & dumps on the OTC BB.
Daily profit: $180.26
Disclosure: Long 10,000 PEPR. No positions in any other stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
I answer the following questions:
1. How do you set up your pages on Interactive Brokers TWS so that symbols don’t disappear when you disconnect?
2. Do you recommend Tim Sykes’ TimAlerts service to those who have no experience trading? Do his DVDs explain very basic stuff like how to make a trade on a trading platform?
Disclosure: No positions in any stock mentioned. I am a TimAlerts lifetime subscriber and have other relationships with Tim Sykes, which are discussed in my terms of use; you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
Not much interesting out there.
CNWI – Everybody and their mother frontran this pump and it didn’t go up much today. I doubt it will go up much in the next two days so it doesn’t interest me either way.
LTUM – All-time high volume in this re-pump. I hate re-pumps.
WTKN – Finally the people who wanted it pumped got a pumper to replace PennyPic (who pulled the pump after giving it away and getting front-ran by everyone). I doubt it will move much considering all the bagholders out there.
JYHW – Supposedly there are physical mailers out there pumping this again. On short watch, but this is choppy.
Disclosure: No positions in any stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
Don’t waste your time watching this boring trade recap video.
Daily profit: $6.00
Disclosure: Long 10,000 PEPR. No positions in any other stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
Many traders do not understand wash sale rules; failing to do so can lead to huge tax problems. Below is the definition of wash sales and how to account for them according to the IRS.
Wash Sales
You cannot deduct losses from sales or trades of stock or securities in a wash sale.
A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you:
- Buy substantially identical stock or securities,
- Acquire substantially identical stock or securities in a fully taxable trade,
- Acquire a contract or option to buy substantially identical stock or securities, or
- Acquire substantially identical stock for your individual retirement account (IRA) or Roth IRA.
If you sell stock and your spouse or a corporation you control buys substantially identical stock, you also have a wash sale.
If your loss was disallowed because of the wash sale rules, add the disallowed loss to the cost of the new stock or securities (except in (4) above). The result is your basis in the new stock or securities. This adjustment postpones the loss deduction until the disposition of the new stock or securities. Your holding period for the new stock or securities begins on the same day as the holding period of the stock or securities sold.
In the video I describe how I use a program, Tradelog, to account for wash sales. Another option is to become a mark-to-market (MTM) trader. To be a MTM trader you must fit the criteria to have trader tax status (as opposed to investor tax status).
Disclosure: No positions in any stock mentioned or shown. I am a client of Robert Green’s CPA firm. I am not a tax professional. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
CNWI – Pumped by BestDamnPennystocks … I expect it to go up the next two days and then tank. I would love to short this again.
VIONQ – Potential short. Latest news is company saying the stock is likely worthless.
CHTL & ISCO – Could move big either way.
Disclosure: No positions in any stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
Only one meaningful trade today and two tiny losses not even worth discussing. At the end of the video I address the accusation that the only way I make money is by scalping off of Tim Sykes’ trades.
Daily profit: $1473.98
Disclosure: No positions in any stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
I don’t think I’ll trade much tomorrow … I had plenty of excitement today! The market as a whole is weak and that has reduced the number of big runners that I like to play.
JYHW – Re-pump, this time with snail-mail newsletters (or so I’ve heard). Potential long, then a potential short.
Disclosure: No positions in any stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
Horrible trading on my part with NXTH but I still did okay. I love penny stock trading! See the video for more. Also check out a special edition of Tim Sykes’ Livestock tonight from 6pm to 7pm EST.
Daily profit: $2677.44
Intra-day chart:
Disclosure: No positions in any stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.
While I wish my title were referring to stock promoters, unfortunately it refers only to my wish for a short on a pumped-up stock.
NXTH – ALFSS. This is very near collapse in my opinion. See Tim Sykes’ post on the pumping behind this stock rise.
MITI – Nice chart. I will ignore it and look at NXTH though.
Disclosure: No positions in any stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.