I’m Seeing A Pattern

sspencerSteven Spencer (Steve's) Blogs3 Comments

As I view the list of stocks I traded today and their corresponding P/L I definitely see a pattern. GME, FDX, and NKE all green. APOL a big red.

I have written many times about the value of trading stocks with fresh news. Stocks that we refer to as “In Play”. During earnings season there are a huge number of In Play stocks. When earnings season winds down there are usually at best a few such stocks.

If you are an active intraday trader then you had the pick of three excellent opportunities this morning. NKE reported earnings and raised guidance and was gapping above multi-year highs.

FDX was gapping down to a decent support area around 87. In a strong market stocks that gap to longer term support usually have some type of bounce. Although I wasn’t expecting it to run all the way to 91.

GME reported earnings and guided higher. It was bumping up against a longer term resistance level of 22. There was a battle at 22 on the Open and the sellers won.

APOL presented a great longer term technical setup. It was attempting to fill a large gap above the 65 level. This was a trade I should have put on small risk unless huge volume came in above 65. Instead I risked enough to wipe out my chop in GME.

long NKE, CSTR, NOK
short APOL (you suck)

3 Comments on “I’m Seeing A Pattern”

  1. i longed GME several times on the open at 21.65 as I believed there was a buyer holding the bid at that price. It dropped, I banged out and retried it again when it held .65. It dropped two more times and I was too discouraged and frustrated to try it again. My pnl was also bruised.

    Did you just wait till 22 failed to get short or did you also try these levels?

  2. i longed GME several times on the open at 21.65 as I believed there was a buyer holding the bid at that price. It dropped, I banged out and retried it again when it held .65. It dropped two more times and I was too discouraged and frustrated to try it again. My pnl was also bruised.

    Did you just wait till 22 failed to get short or did you also try these levels?

  3. i longed GME several times on the open at 21.65 as I believed there was a buyer holding the bid at that price. It dropped, I banged out and retried it again when it held .65. It dropped two more times and I was too discouraged and frustrated to try it again. My pnl was also bruised.

    Did you just wait till 22 failed to get short or did you also try these levels?

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