DKS Trade on Nov 26, 2019 13:31 from Cklamb: Tradervue User Stock Trades.

DKS
Intraday Fundamentals
• Dick’s Sporting Goods Inc. raised its profit expectations for the fiscal year as the company reported a 6% rise in same-store sales in the third quarter, its largest quarterly increase in six years.
• Shares of the sports retailer rose 12.4% in premarket trading Tuesday.
• The company said it expects per-share earnings between $3.63 and $3.73 for the year, an increase from its previous guidance of between $3.30 and $3.45 a share.
• The company said it expects same-store sales – which typically measure sales at stores open at least one year – to increase between 2.5% and 3% for the year. Dick’s had said before it expected them to rise in the low single digits.
• Dick’s said higher average tickets and transactions boosted same-store sales in the latest quarter.
• Net sales at Dick’s were $1.96 billion , up more than 5% from the comparable quarter a year ago. Analysts were expecting $1.92 billion .
• Dick’s reported a net income of $57.6 million , up from $37.8 million . Earnings were 66 cents a share, up from 39 cents a share. Adjusted profit was 52 cents a share. Analysts polled by FactSet were expecting 38 cents a share in adjusted earnings.
• Retailers have logged mixed results for the quarter before the holiday season begins, with J.C. Penney reporting a drop in sales but increasing its earnings guidance. Macy’s Inc. posted lower sales as well and lowered its guidance for the fiscal year. TJX Cos ., meanwhile, raised its profit outlook and said comparable sales rose 4%.
Technicals
ADV 1.97m RVOL 2.53 ATR 1.06 BETA .56 Short 28% Inst Own
Daily

Hourly

Intraday

Trading Strategy
• Long bias over all
• Hope for a flush to 42.50 ish at the open for the opening long scalp 42 would a 50% gap fill
• See fit basses at all at 44, consider a long there
• Expect a pull back at the open, people are up 10%, this should go pretty quickly after that if shorts start to cover on the pull in
• VWAP test an SMA momentum plays
Reading the Tape
AS usual, I try to pick my entries as I see some strength or weakness at a level I wan to try and work. This did see strong all day even as it started coming in from the HoD.
Trade Management

Review Notes
• I traded open poorly. I did three quick runs of 30 and 40 cents. I could have held half of the original trade until 46 if I could feel more confident in the extra volatility. An SMA exit would have worked here quickly after entering the trade. I need to be a little less anxious at the open when I am right so quickly on the first scalp.
• I caught a short off 46.50 that worked of a quick win and then tried a couple more times before the break above 70. I was looking short a bit early in hindsight. It did seem like a test of 46 was likely though.
• I was short 15 cent of the HoD but had taken some small losses on the short side. I decided to stay on the tight risk an partials. It was a decent win off the top. This would have been to a good core to work short the rest of the day.
• I had the third spike to 47.50 nailed shorting two candles after and took a really good win RvR, but this trade had 47 with a little patient and a move to move approach,
• I played long through part of the afternoon. Luckily the action was mostly flat. I did catch a couple good spikes that I let come back as I was looking for the break back above 47.
• I got hacked up of the actual bounce at VWAP. I also could not get enough room to take full advantage of the following run back to 47.60
• I did catch a full 35 cents of the second bounce of VWAP.