Posted by: ctraderd | June 23, 2013

Watchlist- Week of 6/24/13 $CPSS $ELNK

Before we jump into the market action from last week, I would like to announce that June 23rd, 2013 is my one year anniversary of when I created this blog and organization of CTraderD. It’s been a ride guys. I would like to thank all of you for your continued help, support and encouragement which has kept me going during hard times in the market this past year. Thank you! Now that that’s out of the way, let’s jump into this week’s watchlist.

Last week, the Dow Jones Industrial Average lost -376.68 for a total of -2.48%, the S&P 500 lost -48.00 for a total of -2.93%, and QQQ shares closed Friday’s trading session at $70.43 losing -2.50 for -3.43% on the week. Last Thursday was the S&P 500’s largest fall since 2011. Unfortunately, I took a massive Options Expiration loss of -$745.34 when my 10 IWM Jun13 101 Calls that I bought at $.73 expired at $0.00 so I lost -100% on them. I am now at a -$678.87 loss on the month of June, making one wining trade and two losing ones. Hopefully I can make that cash back this upcoming week before the month closes out. Before making any decisions based on this article, read my disclaimer and do your own research!!

1.) Consumer Portfolio Services, Inc. (CPSS)

Last week, CPSS lost -.22 for -2.93%. The stock was added to the Russell Global Index on Monday of this week, and it bounced ~$.50 but then gave up it’s gains from Monday in the sessions of Tuesday, Wednesday and Thursday and went negative on the week. I am at a loss, but my 25% stop at $6.93 has not yet been triggered, so I am continuing to hold until my price target of $13+ is met, or my stop is triggered. I am still holding 500 shares at $9.236 average so I am currently at a -21.9% loss.

 

2.) EarthLink, Inc. (ELNK)

Last week, ELNK gained +.10 for a total of +1.65%. I am currently up +.09 for +1.4% on my position of 500 shares from $6.07.  I may be exiting this position premature to my price target of $6.50 because this position is tying up a big chunk of cash that I should be using to make more than one trade. This pick was not long term, an was purely technical. However, ELNK had a great press release on Wednesday. The news stated that ELNK announced the launch of it’s new 4G on-the-go wireless internet plans . More from this press release:

“Powered by Clearwire’s 4G mobile broadband service via a wholesale agreement announced last September, the two packages offer a hotspot device which provides convenient,mobile Internet access in over 80 cities nationwide. Starting at $29.95 a month, the service delivers wireless Internet on up to 8 Wi-Fi enabled devices including smartphones, tablets and laptops and does not require a contract.” (Source: http://finance.yahoo.com/news/earthlink-launches-4g-wireless-internet-123000404.html)

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