I missed the DOW breaking 8,000 at close today as I was out at a meeting, but spent the morning looking at charts and placing a couple paper trades. I tried to short HZO and LPX but these were deemed “hard to borrow” on TOS Paper Money so no shares were available. But I was able to get shares for MU and ENZN.

I spotted MU using TD Ameritrade’s Motion Detector, and when I looked it up on the five minute chart, it had the opposite of three candlestick soldiers but going down, a sharp drop from $2.50 at the open, so I got in at $2.20. Someone also mentioned MU in the InvestorsLive chatroom too. It touched $2, and I thought it would plummet if it got into the $1.90s, but it bounced off this support and it seemed like there were buyers interested so after a spike to almost $2.09, I got out at $2.03 and it closed at $2.11. This was a clear downtrending stock going for weeks on a weak overall market day. ENZN was the opposite, jumping up in the first hour of trading by 50 cents. It was identified as a long by Muddy and others in the chatroom and it crossed 10/60 SMA to support this view. I was thinking what goes up quick will come down just as fast, but decided to put in a tight stop. I got in at $4.21, and it got as low as $4.12 within a half hour after shorting, but my stop limit order was triggered at $4.19, which ended up being good as this spiked up to $4.40 though sinking to near $4 at the close. With commissions, this ended up being a slight loss and a losing trade.

I saw BTIM mentioned in a message board last night and then made a comment over at Zentrader that this stock after two days of rallying could be ready for a temporary downturn and might be a shorting possibility. It sunk to as low as $2.05 today after a high of nearly $2.40 but finished strong despite the overall market tankage at close. I tried to borrow shares on TOS but they were not available. I still haven’t found any news or fundamentals of why this stock is rising. It was on the watch lists of many after I put it up on my right sidebar last night. The Market Kid, Timothy Sykes, Stack Your Cream, Investors Live, etc. had this stock on their watch lists – I came to find out this morning. I don’t know where this stock is heading now, but will keep an eye on it and try learn a little more about the company, though BioTime, Inc. seems like a hokey name (how’s that for in depth stock analysis?) UPDATE: They just filed this quarterly report to the SEC. Only $340K in revenue last quarter but over a million is losses. This seems more like a pump and dump than a breakout, but I’m not sure.