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Diary of A Day Trader© May 5, 2011 : "Cinco De Mayo Swooooon: But FDCP, UBRG and DGZ Liked It"

May 05, 2011 6:46 PM ET
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A funny thing happened on the way to Dow 13,000...the market wanted no part of it. The land of momentum trading, however, was filled with good cheer.

I started the day by breaking off 200,000 shares of FDCP, which I was alerted to last night by my Twitter stock-picking guru. I started off underwater a few hundred bucks, as my position at .0275 sank to .024. But then the buying started, catapulting this bad boy to .044. I was all out at .04. Tomorrow may be another day of gains for this, as it had "news." I'll wait and see.

UBRG played shake and bake, released news, and continues to rise up. My guess it will set new .52s in the days ahead, and may even get a bit parbolic before all is said and done. I'm hanging on to my 100,000 shares at .073. UBRG is currently at .09 and it too had news. More ups for this one tomorrow.

Finally, I love it when gold plummets, because I instantly turn to a few thousand shares of DGZ, a gold short fund. Played it twice in two days for almost $1k in gains. May be more where that came from.

Hope you held strong or took proftis before the market went south. More tomorrow, and as always, let me know how these picks are treating you.

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