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2-8-10 Increasing Positions in Winners - Afternoon Market Update

|Includes: CTIC, SPDR Gold Trust ETF (GLD), GNPR, MO

1:30pm  (originally posted on Kudrna's Stock Market Blog

The bulls still can’t mount any offense so far today but the action isn’t as negative as it could be.  I see some more individuals starting to feel more comfortable picking away at these lower prices now which is a good sign if we are going to mount any offense in the near future.  I haven’t done a whole lot myself.  Sold some gains in Altria (NYSE:MO) and sold my gains from this morning in Cell Therapeutics (NASDAQ:CTIC) before it fell too low that I lost those gains.  I’m down small on the entire trade itself now and may look to get back in pending a response from CTIC to the FDA questions prior to Wednesday’s review. However, the price would have to be very favorable as the shorts have taken full control of this stock and are punishing anyone in it right now.   Any good news could send the shorts covering and this stock going up huge…but the momentum is to the downside and it’s too risky to try and catch a falling knife.

In brighter news, GoIP Global (GOIG.PK) is up significantly again today and I am loading up but making sure I have plenty of cash to commit if it takes a breather. They are laying the tracks for their service launch which looks like it will take place in March.  The website for the Go800 services looks like it will launch around February 15th which could be a big reason why the shares are jumping up today.  I’m very excited about my current gains and my future gains in this stock.  I’m also trying to add to my Genius Products (OTC:GNPR) at favorable prices.  Shares are very limited right now as they only have 135k O/S.   Yes, that number is accurate according to the last update so their launch of Scratch the Ultimate DJ in the 2nd quarter should create a scramble for shares therefore watching the price skyrocket.  I plan on selling into that scramble.

Lastly, I’m still in SPDR Gold Trust (NYSEARCA:GLD) and will look to add if it dips under $104 but I don’t believe it will.  Good luck out there.

Mike



Disclosure: Long GLD, GNPR.PK, GOIG.PK, and MO but positions can change at any time.