I was stopped out of the second half of my trade in GT Technologies (GTAT) at $6.67 at the open. My original buy-in was 6.73 so that is less than a 1.0% loss. The good thing is that I sold half yesterday at $7.01. Combined together that actually makes for a respectable gain of 1.6% on the trade. Considering how bi-polar the stock was when I was in it, I'm thrilled to get out with some profits in hand.
The market is behaving in a similar fashion to what I stated it would do in this morning's trading plan, where the larger than usual gap-down would push lower and then put in what should be the day's lows in the first hour and attract some buyers heading into the afternoon. Should this not continue watch for a break of the day's lows for extended weakness.
The trade that I made this morning, once those lows were established in the market was Thermo Fisher Scientific (TMO) - a large cap play that should be relatively safe but it is pulling back to the upward trend-line in a bull-flag-like manner. My Buy in price is $59.91.
Here's the trade setup in TMO.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida. More >>
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