Brian Tingley, who
leapt into the
TheStreet.com's Investment Challenge
top five just two weeks ago, moved up to the fourth spot last week by posting the biggest weekly gain in the contest's short history.
Tingley recorded a $9,268,725 weekly gain, pushing his portfolio to $13,822,092.
Tingley says the first million was the hardest to make. "You need something to either move a lot or you need a lot of shares," he says.
He began the challenge by shorting stocks priced at just over 3 and hoped to ride them all the way down to zero. While acknowledging that this strategy could've sent him "up the creek" if any one of those stocks skyrocketed, Tingley says his plan worked nicely.
Now, Tingley sticks to trading IPOs and high-volume stocks, preferably on the
. He averages about 10,000 to 100,000 shares per trade and doesn't like to sit on a single stock for too long.
"I get very nervous leaving these things overnight," he says. "I won't even leave the computer while I'm long or short one of these stocks."
Last week, he was short
as it dropped 4 points, and then he bought it back on the way up, making a total of $1,472,595.
On Oct. 7, Tingley traded the
IPO a total of 12 times, 10 of which were profitable. He continued to trade Calico on Oct. 8, shorting it at 58 and covering his bet at 51; he then bought the stock at 53 and banged it out at 57, making a total of $6,455,130.
Tingley also watches his competitors, looking at the top 20 list carefully to see who's playing hard.
Meanwhile, Chris Jorgensen remained in the top overall spot. He finished the week with a portfolio worth $14,268,241 and had the fourth-biggest weekly gain of $2,583,740.
Then there's Joseph Cioffi, a meteorologist for
Channel 11 in New York. Cioffi seems to be able to predict more than the weather as he made quite an impression finishing last week with the fourth-fattest portfolio at $6,529,791 and the third-largest gain for the week of $3,690,754. He made about a million bucks in five minutes trading Calico Commerce. He initially shorted 240,000 shares of Calico at 62 and covered at 59 1/2.
"Too bad it wasn't real money," Cioffi says, "but on the other hand, if it were, I could never do some of those trades unless I was standing away from all sharp objects and high ledges!"
Among other top finishers last week, Sandy Harlow had the second-biggest gain, $3,739,895, to boost her to the No. 6 overall place with a portfolio worth $5,675,815. The fifth-largest weekly gainer was Jonathan Luu, who added $2,549,360, ranking him No. 8 overall in the challenge with a portfolio worth $3,873,876.