Finally ICE melted ...
Those of you who are regulars, know that I shorted (betting that stock will go down) ICE a few days ago. The market was up today but ICE (Intercontinental Exchange) whose business is to operate a global marketplace for the trading of energy commodity futures went down.
ICE was hot. Everyone loved it.
During the last three months, the stock went from $31 to almost $74!
The Wall Street is predicting that it will be $100 this year. BTW, never listen to Wall Street guys blindly. They have an agenda different than yours. Anyway, it was a gutsy move I made. It was risky as well. But today the stock went to $70.10 in the morning and went down; stright down (yeh!). How low you ask? Try $62.16 That was $8/share move in one afternoon! Great! I was confirmed, my guts were right. But I chicken out. I covered at $66. Had I waited till the end and cover at $62, I would have made a lot more obviously. But remember this rule.
"You can never go broke taking profits!"
I try to live by this rule. Pigs only get slaughered.
I think ICE will go lower. I will be shorting it again if price is right. Keep a close eye on ICE. This is definately melting...
While we are on the subject of shorts, (Read my Welcome post dated 3/30) let me interest you on a new company to short. (Just so you know, shorting is a dangerous business, more so than buying a stock stright, which is called going Long). Actually, you decide. Let me present.
This company was founded in 2000 (very young). They don't have a product, they sell a treatment protocols (what's that?). Last year (2005) they had sales of about $1.1 million and expenses of about $26 million (ohh kay). That means they had a loss of $25 million. In 2006, they expect to sell about $6 million. Which means that they will loose another $30 million this year (wow). Now, how much would you pay for this corporation? $1 million? $10 million? $100 million? Try $357 million as of todays price ($9 per share). Let me not go into too much details, it will bore most of you. All I know is that most of the insiders are selling. No one is buying.
Basically, I think the price is a bit high. In fact, it made a new all time high today. So, many investors think this is a great price. They want to buy. But I want to sell at this price. Again, I am going against the crowd. I will be shorting this at any weakness from today. Wish me luck!
P.S: The name of this company is Hythiam Inc. Symbol: HYTM
No, I have no idea what the name means.
ICE was hot. Everyone loved it.
During the last three months, the stock went from $31 to almost $74!
The Wall Street is predicting that it will be $100 this year. BTW, never listen to Wall Street guys blindly. They have an agenda different than yours. Anyway, it was a gutsy move I made. It was risky as well. But today the stock went to $70.10 in the morning and went down; stright down (yeh!). How low you ask? Try $62.16 That was $8/share move in one afternoon! Great! I was confirmed, my guts were right. But I chicken out. I covered at $66. Had I waited till the end and cover at $62, I would have made a lot more obviously. But remember this rule.
"You can never go broke taking profits!"
I try to live by this rule. Pigs only get slaughered.
I think ICE will go lower. I will be shorting it again if price is right. Keep a close eye on ICE. This is definately melting...
While we are on the subject of shorts, (Read my Welcome post dated 3/30) let me interest you on a new company to short. (Just so you know, shorting is a dangerous business, more so than buying a stock stright, which is called going Long). Actually, you decide. Let me present.
This company was founded in 2000 (very young). They don't have a product, they sell a treatment protocols (what's that?). Last year (2005) they had sales of about $1.1 million and expenses of about $26 million (ohh kay). That means they had a loss of $25 million. In 2006, they expect to sell about $6 million. Which means that they will loose another $30 million this year (wow). Now, how much would you pay for this corporation? $1 million? $10 million? $100 million? Try $357 million as of todays price ($9 per share). Let me not go into too much details, it will bore most of you. All I know is that most of the insiders are selling. No one is buying.
Basically, I think the price is a bit high. In fact, it made a new all time high today. So, many investors think this is a great price. They want to buy. But I want to sell at this price. Again, I am going against the crowd. I will be shorting this at any weakness from today. Wish me luck!
P.S: The name of this company is Hythiam Inc. Symbol: HYTM
No, I have no idea what the name means.
posted by Jaewoo | 10:24 PM
2 Comments:
I am gld to see that you can use information for your benefit. Most people hear same thing but do not act on them. Good for you. As you know, I've also made $ shorting ICE. I also went long today to make a cool 1G and got out at $65.98 I mean I am on fire. I will see if I want to short again.
I'm impressed with your site, very nice graphics!
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