Diary of A Day Trader© May 6, 2011 : "Playing the Dead Cat Bounce: The Long and Short Of It"

May 06, 2011 3:03 PM ET

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Seeking Alpha Analyst Since 2011

Jon Slotnick is a freelance film, television, e-learning, medical and financial writer. As a self-taught stock analyst and trader who learned the Wall Street ropes as a way to supplement his income while penning TV shows and feature films, he currently provides stock analysis and alerts to several financial web-sites, and does freelance copywriting for TD Ameritrade. He has a B.A. in Sociology and a masters degree in journalism from UC Berkeley.

It's been a dream of a trading day, with irrational exuberance adding to overnight gains, while the market pullback created great short opportunities.

My twitter stock-pick guru recommended betting against SIFY on the $6 break. I shorted that guy at $6.06 and covered at $5.68. I love when that happens.

UBRG, my new favorite girlfirend, set new 52s today before pulling back a bit. Volume on this one is strong. I'm still long 100,000 shares from the low .07s.

Also trying my hand at DUNR and FONR, a pair of former momentum movers getting some love today. FONR reports earnings next week.

Good luck and good trading!

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