Hammy Trade: AXL

in at 2.55

Update 6/3/09:

Out at 2.29. This was about 10% down. It didn't break formation, but this is more than I wish to wait for.. for now. I'll get back into this if it shows an actual breakout.

Hammy Trade: ABK

This is another penny-stock breakout, pointed out by Chart Addict.

Again, I would classify this as a "price breakout", one that busts up through prior highs after some consolidation. This also might be considered a bull flag, based on the recent run-up. I expect it to repeat the last move.

I will sell for a loss at 3% below the breakout point (breakout-1.56, -3% - 1.513)

I will sell for a gain at 1.70. I would like to be out, regardless, at the end of the day.

UPDATE: sold at 1.54 at the end of day. This is classified as a "dumbass" trade.

Hammy Trade: SPRD

Bought SPRD at 1.919...

This is a little bit extended from the breakout point around 1.80, but still not a bad intra-day trade. This is a pure breakout play on a penny stock, and I don't intend to hold it too long:

My assumption is that we're seeing another typical penny stock breakout. This will be proven wrong if the stock goes down below the break-out price.

I will sell for a loss at that point. I will sell for profit at a 7% gain.

UPDATE:

Sold at 1.93 at end of day. This was a pretty stupid trade, now that I think about it.