The markets are taking a rest this morning; maybe everybody is watching the 24-hour college hoops tip off marathon on ESPN instead of trading?
When I built my barnhouse, I moved some old boxes of my childhood memories in. I found a 1983 VHS tape called “Steve Alford’s All-American Workout” that I used to study and copy as I dreamt and trained to become a D-1 hoopster like Alford. He’s now the highly-regarded coach of the University of New Mexico Lobos, the team I once walked onto and still have the highest points-per-minute average in history (I never got to play but in blow outs at clean up time, sigh).
Anyway, the Deep Trader’s Thought of the Day is how steady, dedicated and hard-working every successful professional must be in order to attain the kind of success that Alford enjoys today. And the second Deep Trader’s Thought of the Day is how steady, dedicated and hard-working every successful professional must remain in order to keep pushing for the next level of success. Maybe the Lobos will finally win an NCAA Championship under my former (and still) idol, basketball legend and NCAA Championship MVP, Steve Alford. I know that he will give everything he’s got as a coach to get us there while he’s here. We must be as steady, dedicated and hard-working in our trading, investing and analysis and keep pushing for a our own version of championship — long-term outperformance — if we want to succeed in a Steve Alford kind of way.
We got a nice break when DDD got an upgrade this morning before the open to help alleviate my subscribers (and others) selling this morning. I’ll be completely out of my DDD common and calls with nice gains to boot by tomorrow morning.
FB’s lock-up is all over the news, which could make it a buy-the-news event after all (unless I just jinxed it by writing that, knock on wood).
Remember when I kept saying I wished that I could locate some meaningful BVSN shares to short or for a market for put options on BVSN so I could buy some? The stock was at $35 on its way to $50 before it crashed all the way to $8 where it sits right now on its way probably lower still. http://finance.yahoo.com/q/bc?s=BVSN+Basic+Chart&t=1y Point being, even after it had run from $8 to $35 where I flagged it, BVSN continued to rally another nearly 50% off momentum and micro cap stock promoters like the guy I once ripped so hard on national TV, Jonathan Lebed, that I still get emails giving me digital high-fives for it. Stocks can run higher and drop further in the short-term that you every believe they will.
Stay focused and look to scale into some more longs on weakness, but not too aggressively yet. In other words, let’s be steady, dedicated and hard-working as usual.