Yes, harbinger you are 100% correct with your comment.However...

Yes, harbinger you are 100% correct with your comment.
However this is considered investing, NOT trading.
If you buy shares and SELL the same day constantly, over and over again, ie like a day trader you will be penalised.
Try it and you'll find out as I said before.
Even if you have taken a TTR option and pay no tax normally on income and CGT, you WILL be hit with 46% TAX, if you are deemed to be a trader.

My comment was orginally directed to onxy, who was asking for a suggestion. I also had bought ABS around $7, but I can say that I am currently in front with my strategy. It is hard however to pick the highs and lows of the day, but on average I win.