3SOF

News is out
Thu 7:28pm
Delta Petroleum Announces Pricing of 150 Million Share Common Stock Offering - PR Newswire

Pre-market is going crazy.  Over 6M shares already and it's barely 9 AM EST.  Yesterday's close was: $2.27.  So far, ask is at $1.46.  I know about the whole falling knife thing, but it's tempting to grab a few shares.

Set', any thoughts?

Edit (pre-market)
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Order is in for $1.35.  I think it'll take a dip right at opening and (hopefully) recover during the day - or at least that's the plan.  This is a day trade for me.  I don't think I'll hold overnight (if the buy goes through).

Edit (market is opened)
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I ended up changing my limit price to $1.40.  The order went through and I've got a trailing stop at 0.10 points.  I'm keeping a tight leach on that one.

Livana,
This Is Still A Trader's Market...
If you're thinking about going long term think again.  The economy is still very unstable and in MHO it will take 1-2 years before things get back on track.

Right now short term profits is the way to go.  If you make a profit don't be shy to take it.  The market doesn't go straight up so any run that last 3-5 days could retrace.

I would also advise against holding stocks into earnings.  Holding a stock through earnings is a huge risk and not worth it. JMHO of course.......

This is the way I am playing the stocks I get into at this time.
I will take a look at DPTR and maybe I can make some type of analysis that will help you out more. Be back here later...

Quote from: setravis on May 08, 2009, 04:10:19 PM
Right now short term profits is the way to go.  If you make a profit don't be shy to take it.  The market doesn't go straight up so any run that last 3-5 days could retrace.

I would also advise against holding stocks into earnings.  Holding a stock through earnings is a huge risk and not worth it. JMHO of course.......

I hear ya... the sell order got triggered a bit too early.  I ended up selling at 1.52, from 1.40.  Not a huge profit, but not a loss either.  I'l monitor and might get back in on Monday.

Quote
This is the way I am playing the stocks I get into at this time.
I will take a look at DPTR and maybe I can make some type of analysis that will help you out more. Be back here later...

Well thank you very much for that!!