Ugh, really want to jump into XEROX in the anticipation of a nice reversal, but I got burned by that logic last week in RIMM, so hmm...
As expected CIT-A is running this morning and its only goinh to go higher into the week.
This tip is a personal one, not made by anyone else. CRBC, I've held this stock on and off 2 years.. I know its patterns pretty well. Its currently around the .80 range but earning come out in October and there will be a run up.
The company is based in Michigan, its a solid bank and while Michigan has been hit hard I know the company has been stable. You can at least play the run up to $1.20 for a 50% gain on investment and possibly more. Long term its going to $4.00.
just curious... what platform do you guys use to trade on? I'm used to trading forex and looking around at stock commissions, it seems like commissions on penny stocks eat more than an ass load.... I'm looking at picking up a position in BIEL and on avg most places would be charging 500+$ for commission.
ps best i could find as of now is thinkorswim
I use Zecco.com, commission is $4.50 per trade regardless of amount of shares or if its a penny stock. PM me if you want a referral
Edit: Oh now I remember that there is a small spread when buying penny stocks. Not very significant amount, Im going to look more into it.
i'd be interested in that spread.... think or swim does OTC (pink slips) as 20$ for 20k shares, 30$ for 50k shares or 50$ for unlimited shares.
Ok nevermind, its not a Zecco thing. The bid/ask spread is whatever the NASDAQ, Pink Sheets, or whoever set them at. So can't really get around it whoever your platform is. There also some transaction fees when you sell but they are extremely low:
Understand that Zecco does pass on SEC, etc., fees associated with selling, namely: .0000257 times the dollar amount of the sale, and .000075 times the number of shares of the sale up to a maximum of $3.75. So, whereas the dollar amount involved in penny stocks rarely generate more than a cent, 50,000 shares will generate the $3.75 fee.
soooo for OTC the maximum fee is $3.75? is that what I am reading?
You have to pay $4.50 when you buy your shares. Then when you sell them you will pay $4.50 to Zecco again, plus the SEC fees of up to $3.75 (this one will be the same with all brokers. Its called SEC Section 31 fee).Originally Posted by Verik
Ok hold on. Im reading different numbers at different websites.
http://www.zecco.com/forums/Difficul...s-63315_1.aspx
interesting issues with zecco. but then again it looks like this may be a dilemma with any platform in OTC markets
Here you go. The Section 31 fee is not limited to $3.75 actually, but cannot be avoided regardless of your broker.
# What are SEC Section 31 fees and how are they calculated?
The normal calculation for SEC Section 31 fees is .0000257 multiplied by the principal amount on sales. A principal amount of $390 would be subject to a Section 31 fee of $.01. These fees are passed through from Zecco Trading to your accounts as a non-commission fee.
# What is the Trading Activity Fee (TAF) and why is it charged to my account?
The FINRA assesses the TAF on its members through clearing and self-clearing firms at a rate of $.000075 per share, with a maximum of $3.75 per trade on all liquidation (sell) orders. These fees are passed through from Zecco Trading to client accounts as a non-commission fee.
I haven't had a problem but then again, I've yet to mess with stocks under $0.01.
I use USAA, definitely pay a premium for more shares but it is $5.95 a trade with no limitations.
I know a lot of you had to have a good day today. Buying more ASFX tomorrow as well as CIT-A. Hopefully I can catch both on a dip
If HDVY gets down to .09-.1 ill buy and wait till it spikes again.
If you look at the chart of ASFX any time it has a significant run there is instant pullback, I think these are the people that were holding in the sub penny range taking profits.. after then it levels out and resumes. Set a limit order tomorrow (I set mine @ .035) and buy in. I think this one still has a good ways to go.
gotta love asfx....wish I would've picked it up @ .005 when I thought about it lol
Either way, I got in pretty low and it is giving me a nice chunk of change to invest into BIEL's runnup after fda approval
as of right now asfx is up another .01 or 29%
Couldn't have made a better decision to sell my biel @ .099 and buy asfx until biel gets closer to approval.
Caveat Emptor was lifted on BIEL today finally, but had no significant effect as I have been telling people all week. They have run up over 1000% with the CE in place, so I didn't think it would have any bearing on the pps when it was lifted. BIEL is actually in the red after the announcement today
Took some profits on asfx today, its hard not to when you're over 100%. Waiting for a slight dip, I'll buy back in and continue the ride, or I'll take an alternate route which I don't mind.
CIT-A went over $5 earlier today as well, its been a decent week.
I can't make myself pull the trigger just yet...if asfx breaks .05 it will see .10 very very soon according to the charts.
Wasted a round trip today. Sold my CVM this morning for a good gain, and saw the PM action on CIT, figured it would be a good flipper. Got in a little high at $1.88, expecting it to go to $2+, but I set up a trailing stop. It went up to $1.94 and my trailing stop was .06 cents below bid, so once it went back down my sell triggered. But then it bounced back up and now its $2.15. So, while I preserved capital and didn't have any losses, I also didn't make anything, grr! Damn you school!! Could've been home watching this instead of wasting time in class.
I was on the flightline all day today so my activity was very limited, I had to set orders before I went to work. I saw the activity on CIT and im feeling that the run up tomorrow will be even more than it is today, there is good news that they will most likely avoid bankruptcy. My sell point with 950 shares of CIT-A is $12, I'd personally like to wait till $15 or $20 but its hard to be that greedy.
asfx closed @ .044 today and Biel closed down today @ .089...another confirmation that my swap to asfx was a good trade. I've made over 10k in asfx instead of losing $1500 over the past week.
Good stuff, I've made up about 40% of my entire portfolio this week and the event that I'm banking on to happen by friday hasn't even started. More buying in the morning, and holding from then on.
what event are you waiting on tony?
Thursday CIT comes out with their plan to restructure. I was just researching this to get some clarity on what may happen on thursday and then on. First option is they declare bankruptcy, worst case scenario the preferred drops to half its value.. and strangely I'm okay with that.
I'm okay with it because there are a couple of other things more likely to happen. CIT avoids bankruptcy, restructures and rebuilding starts. Preferred shares (which I have recommended) begin to raise in value because the longs know that the preferred shares are due to be tendered at $25 a share late 2010 not to mention the dividends. (about $1 a share)
Another scenario is CIT reduces the number of preferred shares (debt) by offering common shares at a 5:1 ratio. Commons are at around $2 right now, preferred A was around $4 for me, I'm only holding 1000 shares but a deal like this basically doubles what I own right now.
Its a good play and I've actually learned a lot by researching it, if things go well it would end this week very far into the green. Then its back to BIEL to push my position over 100k shares and wait.
Did you know AMNE releases earnings thursday?
yeah im aware of amne releasing earnings, but that stock is being wildly manipulated right now AND I have too much tied up in asfx at the moment
Honestly, and this might be me running into the fire to get burned but the stock dropped on a WSJ article released late in the day. The drop is due to a panic and it could very well be legit but I'm in too deep to jump ship now.. if I go down I guess I'll go down in flames and should a positive come out of this the payoff will be even better. I didnt use portfolio funds for CIT-A, this is money I would've wasted on a flat screen tv or something of the like.
well asfx is up another 30% today so far....i'm up about 17k on asfx so far this week
Looks like it could push even higher today
I just wonder how much longer it can sustain 20 percent days. Hopefully forever, either way I'm on free shares now.
well now it's up over 40% for the day and looks like it will close over .065 and possibly into the .07 range
Sold half my position in cit-a for a 30 percent loss and picked up crbc @ .73 with plans to play the run up.
Asfx is ridiculous right now. Enjoying the free ride
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