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14 Jun 2007
RACK- Trading The Opening Bell
Woke up to an analyst upgrade of RACK. It closed last night at 12.55 and opened at 13.07. The analyst Initiated coverage with a "Buy" stating that we have seen a bottom in its gross margins and that the company is in "Turnaround Mode". It better be after falling 65% in 5 months!
I have tried trading the opening bell before and I always suck at it. There are people who's strategy is to trade the market open every morning. They make their trades, and they are done by 7:30am. Thats pretty smart if you have the cash(and balls) to do it!
I knew the stock would dip after opening so high but I always worry that I will miss the boat. I bought in at 13 about 5 minutes before it dipped to exactly where I expected it too. DUH! The market was rallying! What if What if!? Oh well, it popped back to 13 and is hanging out there now. I still believe RACK will fill its gap up to the 16.50 mark. The downside is minimal, I think I will hang around a little longer.
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