Shared by
spyrosz
NEWS: Morgan Stanley downgrades Nvidia (NASDAQ:NVDA) and Intel (NASDAQ:INTC) from Overweight to Equal-Weight on "elevated valuations".
Showed extreme relative weakness vs the a flat-market in the morning.
Opened weak and slowly bled lower, losing $12!! w/o any serious pullback.
Found a bid at $358 and pushed higher towards previous support-now resistance $363+VWAP.
However, same time news hit the tape about COVID-19 spike in cases and market rolled over aggressively.
When I saw market rolling over due to news, I went to NVDA and pressed hard to the short.
Nice bear flag forming in-front of LOD=$258.
Got short half-Tier I, risking tight top $362.2s, expecting the break of LOD and a momo flush to next support $355.
Covered a bit at LOD.
Re-added to the short when it made a lower high=bear-flag became obvious, risking same stop.
Covered some at LOD.
Re-added to the short when it broke below LOD=$358 and held it as resistance, risking tight stop above $361.
Covered at target.
(+) Great way of thinking, attacking the weakest name!! when market rolled-over.
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2020-06-16 10:38:21 | NVDA | sell | $360.000 | short |
| 2020-06-16 10:41:21 | NVDA | sell | $360.440 | short |
| 2020-06-16 10:43:42 | NVDA | sell | $359.850 | short |
| 2020-06-16 10:45:11 | NVDA | buy | $359.050 | short |
| 2020-06-16 10:52:09 | NVDA | sell | $359.180 | short |
| 2020-06-16 10:52:10 | NVDA | sell | $359.380 | short |
| 2020-06-16 10:54:29 | NVDA | buy | $358.220 | short |
| 2020-06-16 10:56:59 | NVDA | buy | $359.270 | short |
| 2020-06-16 10:57:38 | NVDA | sell | $358.030 | short |
| 2020-06-16 10:59:12 | NVDA | sell | $357.740 | short |
| 2020-06-16 10:59:49 | NVDA | buy | $356.220 | short |
| 2020-06-16 11:00:48 | NVDA | buy | $354.470 | 0 |
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