Update - SMSI

So not to toot my own horn, but I made a pretty good call on SMSI. I predicted a jump at the opening bell followed by a quick decline and that was the case here. SMSI opened at 8am at $12.43 right around last nights price action. It then declined to $12.20 by 9:07am before making its run-up to the opening bell and hitting its high of $12.55 at 9:37am. It then dropped to an initial low of $12.12 by 9:41am (only 4 minutes later!). I said I looked for this to go to the low $12's and it did by this point, but hit $12 even around 11:30am which was the low for the day. So not only do we have psychological high points in a lot of picks, this shows that we sometimes have them on the decline side too.


I would also like to mention something. I was on the SMSI message board last night from Yahoo! Finance and it was funny to see some of the reactions to short sellers and how they were in trouble because this stock was going to double. I think what a lot of people fail to realize is that 1) the stock isn't likely to double the next day 2) just because 1 person recommends it doesn't mean it should go and stay up 10% the next day and 3) just because someone shorts a stock, doesn't mean they are going to hold short for a very long period of time. My strategy here is a trade hopefully no more than a few hours if not just a few minutes.