I had a decidedly bearish bias on the open but everything I tried to short was unavailable or not immediately available (standby) through IB. Seems that it is getting increasingly difficult to short since they changed the uptick rules. Some of the names I tried to short were NFLX and MICC. After getting over my frustration, I looked to the long side. I had put ENER in my gapper list after reading a positive note on Briefing.com.
Energy Conversion unit signs three-yr agreement with Advanced Green Technologies for $108 mln of photovoltaic products (28.70 ) : United Solar Ovonic, a wholly owned subsidiary of ENER, announces that it has signed a 3-yr distributor agreement with Advanced Green Technologies for $108 mln of Photovoltaic products.
Energy Conversion unit signs three-yr agreement with Advanced Green Technologies for $108 mln of photovoltaic products (28.70 ) : United Solar Ovonic, a wholly owned subsidiary of ENER, announces that it has signed a 3-yr distributor agreement with Advanced Green Technologies for $108 mln of Photovoltaic products.
After reviewing the chart, I suspected that a successful break of yesterday's high would generate a momo move to the next PP level. I used a 20 cent stop because these setups don't usually have much in the way of retesting. Price consolidated in an orderly fashion at the $30.00 resistance level and then continued swiftly towards the target. I exited my full position at the target but left some money on the table as price did move higher.
I had better luck finding shares for shorting the big tech names this afternoon AAPL and AMZN. AMZN beat earnings expectations and is trading in the $78.00 range in AH.
I had better luck finding shares for shorting the big tech names this afternoon AAPL and AMZN. AMZN beat earnings expectations and is trading in the $78.00 range in AH.
2 comments:
Hey Jamie,
I would be interested in how you determined or came into the market this morning with a bearish bias? Was there something that really tipped you off?
El Toro,
Futures were gapping way down and the Briefing.com gap down list was longer than the gap up list. Companies reporting earnings in the morning were not inspiring for longs and the lack of M&A activity, which has been very significant in keeping the markets pumped. I knew we were going to retest 2675 on the NASDAQ open and the third test usually breaks.
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