PNRA-I was looking at this over the weekend. Actually thought of it for a short on Mon but I was caught up with other stocks…and I thought the spread was pretty bad. Anyway, I was thinking today was a bounce day and thought this would have a pop and drop in it. Grabbed some NOV 100 puts at 3.40 when it was in the 112s. Did its dips and moved with the market. I’m hoping for a real bounce tomorrow and this opens close to 115 again. Grab some more puts looking for a fail. If not then I’ll close it. Target is 107, best case is a gap fill but that’ll probably happen in a trending fashion (i.e. over a few weeks). On the daily this has a hammer with some volume, but it also closed under the 200MA. My thoughts are that though this is moving with the market its going to find its way down in the coming days.
SPY-So the daily has a hammer and some volume as well. The idea is that there was a battle and the bulls won at the end of the day. Needs some confirmation but I’m gonna guess we get a bump at the open tomorrow and test 127.75s, maybe end there. Two things to consider is that it still closed under the 200MA and the jobless report on Fri can change everything (big up or down). I grabbed wkly 129 calls about 15min before the close, chart looked like it was going to test 126, I was thinking it’d cross. Only thing I would’ve done different here would’ve been AUG calls since the time decay on these OTM wkly calls might screw me over tomorrow (i.e. may need a big gap up for these to be worth the trade).
Follow the rules: Cut losses quickly; Don't overtrade; Take profits/sell into strength; Don't chase, watch for the pullback; Have a plan and stick to it
View my other posts/give me some advice at http://part-timepennystocktrader.blogspot.com/. Follow me on twitter @BNGESG.
SPY-So the daily has a hammer and some volume as well. The idea is that there was a battle and the bulls won at the end of the day. Needs some confirmation but I’m gonna guess we get a bump at the open tomorrow and test 127.75s, maybe end there. Two things to consider is that it still closed under the 200MA and the jobless report on Fri can change everything (big up or down). I grabbed wkly 129 calls about 15min before the close, chart looked like it was going to test 126, I was thinking it’d cross. Only thing I would’ve done different here would’ve been AUG calls since the time decay on these OTM wkly calls might screw me over tomorrow (i.e. may need a big gap up for these to be worth the trade).
Follow the rules: Cut losses quickly; Don't overtrade; Take profits/sell into strength; Don't chase, watch for the pullback; Have a plan and stick to it
View my other posts/give me some advice at http://part-timepennystocktrader.blogspot.com/. Follow me on twitter @BNGESG.
