I have been playing the dips on ACI and Pcx for over 2 months. I set my limit order for about 4-6% below the market price about 1 hr. after the opening. Some days it dips down, some not. But these 2 stocks always seem to come back up when they do dip. I buy it in 500 share lots at a time and I lower the next batch about 20 -30 cents lower than the previous one. It's not my talent that makes this work, it's how these 2 stock swing even in the same day. I swear it works.
I've been doing something similar with writing covered calls. Today for instance I bought back my January 12 35's for 3.35 and sold them in the afternoon for 4.65. There's enough volatility in this stock and high enough call premiums to make it worthwhile.