JNJ Trade on Apr 14, 2020 09:30 from Cklamb: Tradervue User Stock Trades.

I felt like with a dividend raise that this was a pretty solid long in what was setting up to be a positive open. This add to the conviction taking a long scalp and adding as I saw some strength on the tape at .50. I got bad fill and added in again as it came back in to .50 and tried to hold a few shares thinking I had seen the LoD already. I did play for a break of 145 for a small win. I finished this series with a play off 145 that dumped on it's way to put in a new LoD.

JNJ

Total gain/loss: $31.77 Largest gain: $9.22 (show)
Average daily gain/loss: $31.77 Largest loss: $-2.82 (show)
Average daily volume: 1960 Average per-share gain/loss: $0.03
Average winning trade: $5.13 Average trade gain/loss: $3.18
Average losing trade: $-1.37 Trade P&L standard deviation: $4.07
Total number of trades: 10 Profit factor: 8.73
Number of winning trades: 7 (70.0%) Average hold time (winning trades): 15 minutes
Number of losing trades: 3 (30.0%) Average hold time (losing trades): 5 minutes
Max consecutive wins: 3 (show) Max consecutive losses: 2 (show)
Average position MFE: $8.62 Average position MAE: $-4.55
Intraday Fundamentals
• Futures are way up, just reported, numbers not available yet
• MW Johnson & Johnson's stock surges after earnings beat, raised dividend
• Shares of Johnson & Johnson (JNJ) rose 4.8% in premarket trading Tuesday, after the drug and consumer products company reported first-quarter profit and sales that rose above expectations and boosted its dividend, offsetting a downbeat full-year outlook. Net income rose to $5.80 billion, or $2.17 a share, from $3.75 billion, or $1.39 a share, from a year ago. Excluding non-recurring items, adjusted earnings per share rose to $2.30 from $2.10, beating the FactSet consensus of $2.01. Revenue grew 3.3% to $20.69 billion, above the FactSet consensus of $19.73 billion, with all three business segments topping expectations. Pharmaceutical sales rose 8.7% to $11.13 billion, medical device sales declined 8.2% to $ 5.93 billion and consumer health sales increased 9.2% to $3.63 billion. For 2020, J&J lowered its adjusted EPS guidance range, citing the impact of the COVID-19 pandemic, to $7.50 to $7.90 from $8.95 to $9.10, which is below the FactSet consensus of $8.27, and cut is sales forecast to $77.5 billion to $80.5 billion from $85.4 billion to $86.2 billion, below the FactSet consensus of $81.1 billion. Separately, J&J raised its quarterly dividend by 6.3% to $1.01 a share, with the new dividend payable June 9 to shareholders of record on May 26. The stock has lost 4.6% over the past three months through Monday, while the Dow Jones Industrial Average has lost 19.2%.
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Technicals
ADV 11.22m RVOL .72 Beta .62 ATR 6.91 Short .64% Inst Own 70%
Daily

• 245 resistance is coming off both the daily and the three year weekly. It held this level pre-crash for a bit
Hourly

• Most playable levels should be on this chart
• Support 143.25 , 142 and 140
• Resistance 145.25, 146.50, 147.50
Intra

Trading Strategy

Reading the Tape
There was couple of times on this day that tape led to a solid scalp with conviction and a large buyer at 147.75 that led me to bail on a short and I never came back into that.
Trade Management

Trade Notes

• I felt like with a dividend raise that this was a pretty solid long in what was setting up to be a positive open. This add to the conviction taking a long scalp and adding as I saw some strength on the tape at .50. I got bad fill and added in again as it came back in to .50 and tried to hold a few shares thinking I had seen the LoD already. I did play for a break of 145 for a small win. I finished this series with a play off 145 that dumped on it's way to put in a new LoD.

• A good momentum short after this was failing VWAP. I still was carrying a long bias meaning that I was looking to bail on any positive momentum on the tape.

• Hmm.. I had some conviction here. I should have tired to hold a little more of the second trade set up off 145 and see if I could have the patience the run that small load all the way to .50

• I was working this for a short back into VWAP and 145 As I had 145.30 ish as a level that proved to be a spring board a couple of times in the morning both before this and after this trade.

• A no patience long off .25. I kept tapping out expecting it to flush me to 146 before moving higher.

• I had 146.50 as the overnight and was playing for this to not quite get there. I am honsetly not sure why other than this not being able to break .30 moments earlier. I made up later though getting this short off a rejection of of 147.25 ish.