Earnings Report:
* EPS miss, revenue barely beats +0.1% Y/Y
* gross margin down, below estimates
* stock buybacks on hold
* 4k jobs cut (7% of workforce)
Very weak premarket action.
Lost $40.75 premarket, which was a major daily support level, and continued bleeding lower up to the bell. Next support at S1=$39.5, then air-pocket/window to S2=$38.5.
At no circumstances it was allowed to reclaim R1=$40.75 level.
Plan was to "short" any rally/pop against R1=$40.75 for a "Desc. Triangle Support Break of S1" pattern, or "Bearish Bias - Holding Resist." pattern, OR wait for S1=$39.5 break and momo sell-off to S2=$38.5 for the gap-fill on daily.
WBA opened weak and flushed in-front of S1 at the open.
Tried to bounce but VWAP held it down. Had market alignment as well, so I reminded myself to be aggressive here.
AS it came through S1:
Got short half Tier I, risking pivot/lower high above VWAP, expecting the gap-fill on daily at S2=$38.5.
Added more size on the way down after rejection of S1 to the penny.
Started taking covers below $39 on the way to profit target, trailing the 9EMA@5min chart as a stop for remaining position.
Best cover at $38.1!!!
Easy short. Can't believe I made less in this than the QQQ trade.
Should have been the other way around....
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2020-07-09 09:41:54 | WBA | sell | $39.350 | short |
2020-07-09 09:43:30 | WBA | sell | $39.250 | short |
2020-07-09 09:44:56 | WBA | sell | $39.170 | short |
2020-07-09 10:02:22 | WBA | sell | $39.050 | short |
2020-07-09 10:08:54 | WBA | sell | $38.950 | short |
2020-07-09 10:15:10 | WBA | sell | $38.870 | short |
2020-07-09 10:15:11 | WBA | sell | $38.870 | short |
2020-07-09 10:21:00 | WBA | buy | $38.770 | short |
2020-07-09 10:21:00 | WBA | buy | $38.760 | short |
2020-07-09 10:24:09 | WBA | buy | $38.980 | short |
2020-07-09 10:32:40 | WBA | buy | $38.730 | short |
2020-07-09 10:35:55 | WBA | buy | $38.560 | short |
2020-07-09 10:37:21 | WBA | buy | $38.630 | short |
2020-07-09 10:55:04 | WBA | buy | $38.350 | short |
2020-07-09 11:19:31 | WBA | buy | $38.220 | short |
2020-07-09 11:43:35 | WBA | buy | $38.080 | short |
2020-07-09 12:01:44 | WBA | buy | $38.350 | 0 |
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