4th play

balance: $2659.51

bought 190,000 shares of BANY on 1/10/07 @ .0026 and sold 190,000 shares on 1/11/07 for a profit of $283.51 and a gain of 56.7%

new balance: $2943.02

total gain after 4 plays (%): 194.3%

BANY was an interesting play and it was not one i was willing to put forth a lot of money towards simply because i thought i missed the ride. a couple of days ago it was showing some signs of reversing its recent downward trend and it became a hot topic on a board i’m part of called market millionaires (which i highly recommend as there are a lot of savy traders there who enjoy helping others). however, i wasn’t sure it would reverse the trend, so i stayed out — well, of course it made some nice gains. by the end of the day it looked as though it would close with bullish momentum so i picked up a few shares near the HOD but below the close — i wasn’t particularly fond of the price i bought in at as i thought it was fairly high so i only put less than 1/5 of my bank there ($500) .

the next day it quickly dropped by 20% as the MMs (market makers) quickly tried to shake holders out — to say the least, i was not expecting anything of this nature as it had a pretty bullish close. nevertheless, i thought we were being shaked, didn’t have much money in, so i decided to let it ride, which turned out to be a great decision. halfway through the morning, a fantastic press release was issued by the company and it quickly recovered ground and moved up on great volume (almost trading its entire float). it started to encounter resistance in the mid .004s and i sold at .0042 on a quick shake because i felt it was oversold and encountering resistance. it closed at .0037 so it turned out to be a great decision.

i have to be honest that this was not a play that i had a ton of confidence in, especially at where i bought in. fortunately, it turned out to be a fantastic play and added a few hundred dollars to the pot.