Mon Oct 5, 2015 3:48pm ESTComments Off on The Deep V-Neck Is Dead: American Apparel Files for Chapter 11 Bankruptcy
American Apparel sucks in so many ways. They had everything going for them. They had the controversial branding, great locations, and unbeatable everyday clothes.
They just can’t figure out how to make money. Cash flows can really do wonders for fixing sick companies. And now they’ve filed for Chapter 11 bankruptcy protection.
Most of the best cuts and colors have been out of stock for months. I doubt they will remedy this anytime soon. As for the shares I own—they’re now worthless. The hipster in me died alongside this horrific trade.
It was another frustrating day of RVLT sucking wind only today it was accompanied by APP. I’m a huge fan of the APP brand, so their ticker is a permanent fixture on my Always Stalking watch list. When it fell out of the tight/multi-month consolidation I took it to be the head fake, the shakeout, before the actual move. Well wouldn’t you know it, I was -10% on the name in a flash reminding me how important entries are on these low priced stocks. I simply don’t have a ton of conviction here, so I cut my loss and moved on.
You know my thoughts on RVLT.
YGE was interesting today, being one of my largest positions and all. I want better prices before parting ways with any of my shares. They’re Chinese and solar, I mean, what’s better?
Yelp had a decent day and some clown ‘angel investor’ put on his big boy pants and bet five stacks Yelp will be out of business by 2015. Oh, you bad. He made his bet via FB, BTW. Have you heard of the stock market, you coward?
Nothing else really materialized in my swing portfolio.
Meanwhile, you hear traders calling days like today a day trader’s dreams or a day trader’s environment and I’m pleased to report #BOSSRAM concurs. On the session, Bossram Alpha took 12 trades covering three different cycles and went 12-for-12 to earn a staggering 13.75 handles.
Based on a one contract position size Bossram yielded $687.50 before commissions. Considering the position size can increase by one contract for every $1800 earned, you can see the scalability. All trades taken must have seen price to go through the entry and exit by a tick in order to validate the walk forward and provide conservative numbers. I think it’s safe to say BOSSRAM does well in choppy environments. Aka, this is the perfect fix for a momentum trader stuck with summertime sadness.
I’ve been overly excited for algorithms I’ve built in the past, so believe me, I’m still a skeptic. But today’s performance was dead on with what I’ve seen occurring in my seven month back test. ROBUSTO!
I look forward to taking the cycle live alongside my current /ES trading repertoire.
Be on the lookout for odd moves overnight, it seems like that kind of night…especially with the rare moon.
I used some of that pesky cash on hand to reinitiate a position in END and start a new position in MHR. I have to tell you, the news cycle is an interesting creature, feeding us what we demand. Take Egypt for instance: they’ve been backwards freaks since the nose dropped off the Sphinx—troglodytes in sheep’s clothing. Yet here we are, with oil pulling back ever so gingerly after thrusting higher, and the news is aligning with another thrust.
Talk about harmonic orchestration!
I’m not here to debate the toxicity of news. I write to bring you the news, as filtered by my deranged microcosm. Oh, and I’m here for one other reason—to extract money from the stock exchange.
I’m up over one and a quarter percent today which has helped return air to my lungs. It was getting hard to breathe there for a minute. I had nine-one dialed on my rotary phone, entirely prepared to round out the final one only a moment before fainting.
Now I’m going into the weekend with confidence, unjustified as it may be, restored. I need weekends, you see, to allow me to gather my thoughts so I can survive five days of market flow.
I bought back into a long time favorite company and short term favorite stock of mine, American Apparel. They are the Cadillac of undershirts, which is great, I wear them almost every day. But buying their stock was simply a matter of financing more tee shirt purchases based on a chart I like. This thing has been dead money for-e-ver, and someone tossed in the towel these last two days, “fuck it” and I was there to claim their shares. I’ll AT THE LEAST, ride these babies back up to the dead money zone. At the most, we’ll finally get a pulse and I’ll ride a pumper. There’s a lot of good investors who believe in this name.
Heading into the bell, I’d like to open my book to your criticism. Here are my swing holdings, listed largest to smallest:
YGE, AIXG, RVLT, CREE, END, YELP, F, APP, MHR, LO, FB, IMMR, and O
I’ll be checking in this weekend with some data stuff I’ve been working on in the /ES.