PHM Trade on Jul 23, 2020 09:32 from Cklamb: Tradervue User Stock Trades.

PHM
Intraday Fundamentals
• 07:38 AM EDT, 07/23/2020 (MT Newswires) -- PulteGroup (PHM), a home construction company, on Thursday posted Q2 adjusted EPS of $1.15, up from $0.86 a year earlier.
• Revenue totaled $2.59 billion, up from $2.49 billion in the year-ago quarter.
• Analysts polled by Capital IQ projected EPS of $0.87 and revenue of $2.53 billion.
• "Following a period of demand weakness beginning in late March and into April as COVID-19 first impacted the country, new home sales experienced a material acceleration as the second quarter progressed," Chief Executive Ryan Marshall said in a statement.
• The company said it has recalled a majority of its furloughed employees and may hire additional staff as recovery continues. It is also looking to provide guidance for the remainder of the year during its Q2 earnings call.
Technicals
ADV 3.91 RVOL 1.04 ATR 1.53 Beta 1.35 Short 1.88% Inst Own 90.5%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
• Solid beat trading above a major level @41.30 with strongest resistance above that at 44
• People from Tuesday are up almost 20 % and about 10% since the opening print yesterday
• Gap close long at 39.50
• Mean reversion short at 44(unlikely)43.30 more likely just not as strong
• Short the PM high if this sells off out of the gate
Reading the Tape

I did not see anything and was not really a factor on any of the trades that I did on this.
Trade Management

Trade Notes
I had a short on this lined out. But, it was not something that set up out of the gate. I got a little anxious as I had not been playing for the gap closes this last couple weeks. I waited for the first couple candles and felt that I could take something small as this rejected 42.50. It did go immediately against me and I committed to adding in until 43.30 as I felt that would be one of the turning points as I pointed out on the game plan. I would have been willing to work this in and out up to it trading above 44. I did get a little to big to quickly and could have been a little more disciplined on when I added. I added three times just above 42.75 and 42.90. As this crossed 43, I had step up the entry size planning on getting to full size on a average close to the 43.30 assuming max risk from there would be just over 44. I did manage to take a good portion of this off as it took a breather and left myself with a little if this broke through VWAP as it pulled back( a common pattern on a retest gap). When it held VWAP I got out before the momentum against me got start again.
I would work this twice off 43.50 assuming that 43.80 was as close to the 44 as I would get. I would take and give back on the last couple of attempts and then not short 44 when it gave me the chance. I had a good game plan on this and did not follow it through.