NKE Trade on Jun 26, 2020 09:46 from spyrosz: Tradervue User Stock Trades.

Earnigs Release:
-- EPS & Revenue miss, rev. -38% Y/Y
-- Gross margin to 37% vs 43% consensus
-- Expects FY21 revenue below 2020 #s
-- 85% inst. holding, tiny short float
-- +0.1% YTD (close to ATHs) vs SPY -4.5%

By any point of view, the earnings #s were terrible!!!
Bad miss for a stock that trades $5 below ATHs...

Gap-down premarket (-3.5%) in-front of major daily support S1=$97.6.
Showed weakness, couldn't bounce higher convincingly, stayed very close to S1.
R1=premarket pivot=$99
S2=$96, S3=$94.8, S4=50SMA@daily=$94

Premarket plan as follows:
a) BEARISH as long as it trades below R1=$99
b) (P) Earnings Play
c) (S) VWAP Triangle Support Break OR Supp. Lvl Breakdown of S1
I was expecting some kind of pop to R1=$99 at the open, obvious/clean rejection at R1, sell-off back to S1, break and move lower towards to S2. Desc. Triangle above S2 for next move to S3.
In my mind that this is a choppy name that I hate to trade.
So I was interested to get involved for the easy trade, only after it cleared S1 support.

Opened close to R1, rejected it to the penny and flushed lower to S1. Choppy fest between S1 and VWAP for about 15min.
However, when it broke below S1 on nice increasing volume, game on!!

Got short Tier I, risking the nasty upper wicks above VWAP, expecting the momo sell-off to S2=$96.

Covered a tiny piece in-front of $97 whole number and sat tight.
NKE was bear-flagging below S1 and trade was looking good.
I was thinking about adding more size at the bear-flag resolution for the flush to S2.

However, this stupid name had to make it so difficult once again.
Market was tanking from $305 to $302 and NKE was still holding above $97 w/o breaking lower. That messed me up a bit because by 10:30 SPY had lost $3 and was hitting support at the 200SMA@daily and NKE was still holding $97..

Once it was looking ready to break, algos had to run stops one more time + 2nd thoughts about the trade----> so, took 1/3 out when it looked like it was reversing higher.
Next moment came back to bottom of flag and broke lower.
(-) I should have added back the 1/3 I covered earlier, and then add one more tier as short trade became evident.

Covered some at $96.5 and the remaining position at S2=$96.

(-) I should have kept it on watch as it showed extreme weakness closing at S4=$94, $2 lower than my final exit. It provided a couple more nice short trades.