Looks to me like it's finally gonna get that gap fill either tomorrow or Monday. Earnings a month from now.
Went long this morning. Probably just gonna hold if the market whipsaws.
Trade closed: stop reached
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Hit my trailing stop, lol.
Small gain, just a whipsaw market still
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Got back in, looks like an inverted H&S, plus the algos appear to be buying small caps now.
Not sure why PCAR tends to trade with small caps since it's in both SPY and QQQ. In any case I expect the market to gap up tomorrow
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Added a lot more here, looks like it just wanted to fill that up gap from Monday, now it has to close the gap above.
Stupid whipsaw market, lol
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Closing out most of the stuff I added this morning, and sticking with 1.5k shares at the gap fill (today's gap). I want room to add if they gap it down again Monday, plus I don;t want such a big position over the weekend.
Trade active
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Decided to close out my position early because I have stuff to do. Holding 1k shares though, built some cushion on this trade so i don;t have to watch it anymore.
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Interesting fact.... PCAR tends to follow small cap index, but the biggest ETF holder of PCAR stock is actually QQQ.
Also, this stock got rejected by resistance at $71.7 yesterday, which was the old support. I think it gets rejected one more time Tuesday and dips before going higher.
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Daily MFI hit oversold, that is an extremely bullish sign. That signal even marked the bottom of the COVID tank if you look back.
I got caught out buying some shares of PCAR today. I thought the .618 Fib retracement for today was a reasonable place to go, so I'm underwater. I've noticed that SPY, DIA and IWM (almost) hit their weekly expected move in the options market this morning and the market's been getting slapped down since. I wonder if bulls will try again tomorrow.
I really did think the Fed meeting had been priced in already. Indicators were mostly neutral this morning. Guess that's a no-man's land place to be entering trades right now.
hungry_hippo
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@BoomerMo, I went back in in the afternoon, I think 3 day pump to get that gap fill.
hungry_hippo
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@BoomerMo, I hope you added today, if not you'll get your money back next week.
I was posting real time updates for you, don;t know if you had time to read them.
BoomerMo
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I know we discussed a week or so ago that PCAR doesn't fill gap ups, only gap downs, but just as a "huh" moment, PCAR on Friday of last week filled the underneath gap from Feb 24 almost to the penny. No idea if that's a worthy datapoint or not. *shrug*
BoomerMo
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In fact, you actually said you felt it was additional support. Well, it did act like support, so I guess the fill could have been incidental. It supported at that point, just like you predicted it would.
I really did think the Fed meeting had been priced in already. Indicators were mostly neutral this morning. Guess that's a no-man's land place to be entering trades right now.