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stockmktdouble (55.60)




July 04, 2013 – Comments (3) | RELATED TICKERS: SUNEQ , UNXL , RDN

Actually its July 4, but the diary date is for the previous trading day. SUNE, the stock I am short went down again yesterday to $8.13, nearly 2%. I will continue to hold on to my short position. One thing, I'd like to mention is that I love the fact that SUNE is a large volume stock. The 3 month average for SUNE, according to Yahoo Finance is nearly 7m shares a day. Why do I like that kind of volume? Because it is very difficult to manipulate in the long run. Its another advantage to having a time horizon of more than an hour or a couple of days for that matter, as far as your trading strategy goes,. meaning that even if someone wanted to manipulate the stock price, they maybe able to do it for a couple of days but they definitely wouldnt want to do it for a couple of months for fear that they could get run over. Anyway, see the results below:

Update for Wednesday, July 3, 2013:

Current position-short 1622 shares of SUNE at $8.45

Closed Trades:
5/17-short 942 shares of RDN at $13.69
6/17-covered position on RDN at $12.92 (6% gain)

4/18-shorted 262 shares of UNXL at $38.10
5/17-covered at $29.44 (29% gain)

Start Date: 4/18/13
Starting Balance: $10k
Current Balance: $13,987.00
Return: 42%
Annualized Return:199%


3 Comments – Post Your Own

#1) On July 04, 2013 at 7:09 PM, jiltin (45.12) wrote:

But, still I could not get the reason for shorting SUNE, why? What prompts you that SUNE is likely to go down?

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#2) On July 06, 2013 at 9:16 AM, jiltin (45.12) wrote:

Sunedison Inc (NYSE:SUNE) pushed the solar sector northwards on Friday and was undoubtedly the technology winner for the day. On Friday, as a whole, the sector was down 0.6% while SunEdison rose 6.4% to $8.48 per share on average volume. Around 6,708,915 SUNE shares exchanged hands in comparison to its daily average of 7,085,400 shares. The stock opened at $7.99 per share, rose to touch an intraday 8.56 and closed at $8.48 per share in comparison to Thursday’s close of $7.97. The solar industry has seen some highs and lows this year and volatility seems to be a rule rather than an exception. And so, while companies like Sunedison Inc (NYSE:SUNE) may have their spot in the sun every now and then, First Solar, Inc (NASDAQ:FSLR) is not one to be left in the shadows

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#3) On July 09, 2013 at 4:35 PM, stockmktdouble (55.60) wrote:

Hi Jiltin, SUNE was the winner on that day. I just dont see a lot of steam left in this stock. Mid 8's has been a big resistance point. Downside risk is far greater here than upside potential. That is my feeling.  

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