CCRT - CompuCredit Corporation provides credit and related financial services and products to consumer credit market, as well as to unbanked consumers.. and we will short it.
Technically CCRT has broken through a serious support line giving us a great short! We are looking for a serious plunge and not risking more that 8% topside. With 31% of the float short: (http://www.shortsqueeze.com/index.php?symbol=ilmn&submit=Enter)
it seems many feel the same way, yet not enough to make us fear a short squeeze.
Also encouraging is the over $14million worth of CCRT sold by the COO in February: (http://www.form4oracle.com/company?cik=0001068199&ticker=ccrt)
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Charts:
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1. Daily - The first chart shows-off the serious break down. The rounded nature of the top is also very bearish. Notice the empty space below this stock could plunge into. 30 is a possible target but we will decide that as the stock moves along.
(http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=17780)
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2. Daily Zoom - The second chart displays our stop above the local high of 38.85 and the blue resistance. Notice the negative convergence of the indicators.
(http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=17781)
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3. 5-minute Entry - We are going to try to let CCRT move up higher into our target shorting zone(36.40-37.00) tomorrow before 12pm. After 12, if we do not have our position yet, we will short as low as 35.85, if the stock gives us a chance. This means that there is a possibility that the stock will not be able to be shorted if it moves away too far down. This is to make sure the risk/reward remains favorable.
(http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=17782)
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We will sell short CCRT @ 36.40 - 37.00 before 12pm or
We will sell short CCRT as low as 35.85 after 12pm and
after execution will place a buy stop @ 38.85.
Quote from: eliteG on March 22, 2006, 03:40:01 AM
3. 5-minute Entry - We are going to try to let CCRT move up higher into our target shorting zone(36.40-37.00) tomorrow before 12pm. After 12, if we do not have our position yet, we will short as low as 35.85, if the stock gives us a chance.
Do you mean to buy today, March 22?
Maestro
QuoteDo you mean to buy today, March 22?
This is a play to sell short, not to buy. G expects the price to drop significantly because the chart is broken basically. Once again, we want to sell short.
Ultra, I think Maestro is confirming that the pick is today and not tomorrow (word highlighted red in his post), I am sure he/she knows it is a short.
Yes Maestro the pick is posted for selling short today 22nd Mar.
yes, Aussie your probably be right. I just saw that he said "buy" in his post and we don't want him to do that!!!
Yes, got that wrong, I did mean sell short. Am watching it now, in fact, to pounce when the target figure gets reached.
Maestro
Excuse my ignorance, I've never played the short side before.
Can you accomplish this plan by buying "Puts" on the stock?
You can as long as you are willing to loose all your initial investment and are willing to pay the time value.The optiond for this equity does not seem to have much volitility.
Quote from: wgsick on March 22, 2006, 09:51:05 AM
Excuse my ignorance, I've never played the short side before.
Can you accomplish this plan by buying "Puts" on the stock?
update CCRT:
We got an initial move up in the 1st 5min of the day. This was repelled one cent below our trigger zone. Now the pattern has tightened up.. perhaps it will be able to pop up into the zone from this consolidation. ;)
Shorted at 36.10 >:D
Shorted CCRT @ 36.16 >:D we'll get it in the portfolio soon... that tight consolidation may be breaking down ;)
Shorted at 36.18
I was out for a while, now shorted at 36.1648
$36.20 here...
G, I see the price is beginning to fall nicely. Do you already have a target in mind for a limit buy to cover, or will you work on that after the close?
Maestro
Quote from: Maestro on March 23, 2006, 10:47:02 AM
G, I see the price is beginning to fall nicely. Do you already have a target in mind for a limit buy to cover, or will you work on that after the close?
Maestro
Yea lets work on a target after close.. this fall is nice.. low volume..no support at these levels 8)
update CCRT:
Our short continued down today >:D with a bit of recovery but on low volume.. support has not been found..its sort of like walking down the stairs in the dark, feeling for the next step ;)
Any one knows what's making this thing fly today? It has been hitting the ~$36.70 resistance for the last 30 minutes or so.....
Moving up, above average volume, touching the 20 ema. :-\
Very ugly candle (when your short!) ::)
Quote from: Loffigus on March 29, 2006, 12:44:42 PM
Moving up, above average volume, touching the 20 ema. :-\
Very ugly candle (when your short!) ::)
Definately an ugly candle when you short! >:( When this is combined with a strong market breakout..we must end this short position even though it is well below our stop. I will discuss the strong market move in G-FORCE tomorrow. We must have all of our slots for longs available >:D
We will buy to cover CCRT near the open tomorrow.
Bought to cover at 36.77
CCRT.
Some bottom feeder financials are coming to life...which is a good sign for the overall market.
It may be some short covering...but either way it is a positive for at least a short term bottom.