Monday, September 24, 2007

Stocks: Game On

It has been since March that I mentioned anything about stocks. At that time I had gotten worked over pretty good. My account was down about $500 from my initial $5000 starting point. I was thinking that maybe the stock market just isn't the place for me. Maybe it is a system of patterns that I just won't be able to get my head around.

VDSI was the last stock I traded at that point, stupidly riding it up, then back down. Near the end of April I decided to try again with some HDNG and VDSI. Within a few days HDNG dropped 10% so I dumped it. That hurt pretty good, but VDSI decided to start treating me nicely. I tried some DLB, quickly throwing away about $150, but VDSI was still going up. By July 30 the market as a whole was looking flakey again, but finally selling VDSI got me over $400 almost erasing all the bad decisions I'd made so far.

I finally feel like I'm getting the hang of it. July 31 I picked up GME (GameStop hehe) as it bounced off it's 50 dma for $40.72, it's over $55.00 as of today. I've been eyeing NTDOY.PK (nintendo duh) for a while, and a big volume bounce off it's 50 dma on August 10 tells me to pick it up on the 13th, so I did for $55.00 (In reality buying this stock is probably not that easy, since it is on a forign exchange). Nintendo is up above $60 these days.

Lastly, ONXX is the most beautiful chart pattern I've dealt with so far. From June 5 to Aug 9 is a very good, long, tight cup pattern. Aug 9 to Aug 24 is a very good handle. Aug 10 it breaks out on 4x average volume. I bought on Aug 30 at $38.50, and look at it go today.

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