Market was going down strongly on Thursday, sadly I mistimed some of my trader or didn't take profit when I had the chance. But apart from that I'm telling you why I knew the airlines weren't going down from the open but rather up, despite gapping down significantly. Next time you see a situation like this it can save or even MAKE you money!
Trades: 1) GOLD, LONG @25.71, -1.05% 2) MRNA - LONG @64.55, -0.55% 3) CSCO - SHORT @45.98, +1.38% 4) PENN - SHORT @28.94, -1.08%
*In my ID trades, I risk 1% of the account per trade and go for 2% (2:1 RRR ). Sometimes I adapt a little bit as you can see in the trades' description.*
Total PnL for the day: -1.29% Total PnL for the week: -3.34%
@gpguy25, Hi, well that will depend mainly on the SPY as PENN is one of the stocks caught up in the irrational hype of QE. Based on the chart itself though, an area between 23 and 25 seems likely. Keep in mind, though, that today is the sixth red day for that ticker and so chances for at least some retracement higher are pretty high!