May 19th Review

$17,260, Up $4,481 or 34.97% on the day.

Positions traded for a gain: MXC ($2,596), PEIX ($1,275), ROYL ($600), CPST ($360)

Positons traded for a loss: PDO ($350)

Open positions: Long 1,500 shares CPST @ 3.09

So after finishing last week down, I opened up my first full week of attentive trading with a bang! Right out of the gate there were plays galore. Luckily I had positioned myself perfectly on Friday to handle them all. Most of the capital in my account was free and ready to trade, and boy did I use most of it! These days just explain why I am addicted to trading. Nine clicks of the mouse in 2 1/2 hours and I made close to $4,500! "Sweet goodness" is all I can say.

So the surprise of the day, PEIX, came out early this morning and announced 400% earnings increase. Now if you sit back and think for a little bit you will realize that that is amazing. Pre-market trading only got as high as $4 before selling off again. So I fugured I would take a shot at this stock when it opened at around 3.70ish. My order was filled for 3,000 shares at the price of 3.74. It started moving up which was looking good, but then MXC (a day trader's dream) started to set up nicely right below some even number resistance at $20.

I turned my attention from PEIX and started to watch for when MXC would break the $20 mark. Sure enough it did, and I was in faster then you could even say "order!" Because of the huge price spreads, my order for a measly 400 shares (all the money I had left) was filled at 20.91, almost a full dollar over my inital mark! The stock started to slowly make its way upward, breaking the even dollar amounts 21, 22, 23, 24, 25, 26, 27, and 28 with ease. I was ecstatic but calm enough to sell my shares when the stock initially started to fall. The trade was closed up at 27.40, almost a $2,600 gain in minutes!

After closing that mammoth of a deal, I remembered PEIX still being open. A quick check of the chart showed me it had touched 4.50 before falling back! After a slow collapse, I sold all of my shares afraid to lose some of my nice gains. Of course, as soon as I sold the stock bounced back up. PEIX finished trading strongly today at 5.20ish, which signals a possible gap-higher open tomorrow.

My last rather small trade (compared to the other mammoths) of the day was ROYL. The company is similar to PDO and MXC, so I bought in when the volume was high. Minutes later I closed for a nice scalp of 20 cents. Luckily, around where I sold were the stock's highs of the day. CPST continued its rockin' and a rollin' today finishing up a sweet 7%. It might just be time to close my position on that one tomorrow...we shall see.

One funny thing that happened today was the halting of MXC after the run from $5 to $28 in just days. On a couple of message boards, posters were saying how low the stock was going to open the next day. I even thought the news was going to bad too. Turns out, they just wanted to announce a nice, new well that they are working on! That just goes to show that pretty much everybody think that this stock should not be where it is priced right now. Eventually MXC is going to get hammered hard...who knows how long it will take though. If the scans produce anything, I will post them in the comments section of this post like usual. Feel free to leave a comment on just how much money you took home today too.

The Market Kid