SBUX Trade on Jun 10, 2020 09:31 from spyrosz: Tradervue User Stock Trades.

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spyrosz

 

Finally, a pattern that I haven't seen for a while with all this "buy" frenzy.
CHANGING FUDAMENTALS:
Much of the focus of investors is on China, where SBUX says comparable sales were down 21% in May. Comparable sales were down 43% in the U.S. during the month, while Starbucks notes that 91% of its stores in the region were open at the end of May. Adding it all up, Starbucks expects FQ3 EPS of -$0.70 to -$0.55 and FQ4 EPS of $0.15 to $0.40

Very weak premarket, gaped below $81 major daily level, and continued creeping lower until the opening bell.

Plan was as follows:
a) BEARISH as long as it trades/holds below R2=$81
b) (P) Changing Fundamentals
c) (S) Bearish Bias - Holding Resistance at R1=80.2 and DTSB od S2=$78.5
I was expecting a pop/relief move at the open and a quick rejection at R1=$80.2 or R2=$81 (that would be ideal). Then, roll-over and sell-off towards S2=20SMA@daily=$78.

Tried to break above VWAP and pop towards R1=$80.2 at the open but simply couldn't.
Seller was there holding it down below VWAP for at least 5mins.

Got filler size, risking above R1=$80.2, added half-Tier I when I realized the seller at VWAP, expecting the break of S1=premarket low=$79.5 and a move to S2=$78-78.5 area.
Added another half-Tier through the break of S1.

Covered some in-front of $79 whole number, had a bid at $78.6 which didn't get filled.
SBUX reversed and I covered aggressively on the way up. Left some with stop above $80.
Saw the bear flag forming below S1+VWAP,

added half-Tier, risking above S1+VWAP, expecting the roll-over and a retest of LOD at a minimum.

Got the move to S2=$78.5 and covered the position.

(+) Great price/tape reading
(+) Nice executions
(-) Should have stayed with it a bit longer and re-enter short at the 2nd rejection of VWAP to the penny.

image


Execution detail:

Date/time Symbol Side Price Position
2020-06-10 09:31:42 SBUX sell $79.790 short
2020-06-10 09:34:02 SBUX sell $79.820 short
2020-06-10 09:34:02 SBUX sell $79.820 short
2020-06-10 09:34:03 SBUX sell $79.812 short
2020-06-10 09:35:04 SBUX sell $79.720 short
2020-06-10 09:40:19 SBUX sell $79.432 short
2020-06-10 09:41:47 SBUX buy $79.130 short
2020-06-10 09:49:24 SBUX buy $79.210 short
2020-06-10 10:02:14 SBUX sell $79.170 short
2020-06-10 10:22:08 SBUX buy $78.607 short
2020-06-10 10:27:16 SBUX buy $78.749 0


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