Big Picture
- SPY holding above 294
- China wants another round of trade talk’s before signing deal
- Tariffs will increase if deal isn’t signed
- Formal inquiry launched for Trump impeachment (Cover-up, secret server, abuse of power)
- US released tentative plan to limit investment in China (most likely for more sway in trade talks)
- Fed extending its overnight funding Ops (QE) through January 2020
Markets Intraday
- PM: Uptrend from 295
- Morning: All day consolidation between 295.50 and 296.50
- Afternoon: “
- End of Day: “
Technical Analysis – Long Term
- LT Uptrend
- Currently above 200-day SMA
Technical Analysis – Intraday
- Day1: Wild gyrations all morning, grindy uptrend in the afternoon
- Day1: Closed green but closed below open print
- Today: Strong OD and holding above 20.90 technical level
Catalysts / News
- Wendy's expanding to Europe
- Same store sales rose 4.4% in Q3
- Executives maintain that breakfast should be immediately profitable for franchisees
Original Plan
Long on hold above 20.90 is very bullish, could gap fill back up to 22.
Could bounce from 20.65 if market slightly weak this morning
Could bounce from 20.30 if market is very weak this morning
Execution Notes
Got filled at 20.96 for 2 lots as per my plan of getting long if the 20.90 was holding. My 1R stop was set at 20.85. My target to lighten up half was 21.20 and 21.40 to get flat with possible additions on pullbacks. The stock was very grindy above the 20.90 level and the highest it pushed price was 21.10. It broke down after reaching 21.10 and I got stopped out at 20.85 after the next down leg materialized.
Review
I liked my thesis and believe I acted well on it but the market didn’t move much today and I believe that’s why WEN didn’t move as much either.
Grade Questions
Did I follow my plan? (yes/no/with mods): yes
Which modifications?:
What justified the modifications?:
Did you hold a core position until you noticed a reason to sell?: yes
Were your executions goods? yes
Grade: A
(1=D, 2=C, 3=B, 4=A)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-10-14 10:04:22 | WEN | buy | $20.960 | long |
2019-10-14 11:00:52 | WEN | sell | $20.850 | 0 |
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