VIAC Trade on Aug 6, 2020 09:54 from Cklamb: Tradervue User Stock Trades.

VIAC
Intraday Fundamentals
• ViacomCBS Inc. said demand for its streaming services picked up in the second quarter, another example of how consumers tapped home-based entertainment options as the new coronavirus spread.
• The company on Thursday said revenue from its business focused on domestic- market streaming and digital video rose by 25% in the quarter to $489 million . Growth was driven by a 52% gain in streaming-subscription revenue.
• Paying subscribers to its streaming platforms, including CBS All Access, rose 74% year over year to 16.2 million, the company said.
• The Covid-19 pandemic has provided a tailwind for media and entertainment companies offfering streaming content to people sheltering in place. Last month, Netflix Inc. said it added 10.1 million subscribers in the second quarter. Walt Disney Co. on Tuesday reported strong subscriber growth for its Disney+ service.
• The economic fallout from the pandemic weighed on other parts of ViacomCBS's operations.
• Advertising revenue in its television unit dropped 27% year over year, hurt in part by the cancellation of the NCAA Tournament. Publishing revenue was down 8% amid lower sales of physical books. ViacomCBS reported a 26% slide in revenue for its film business, saying the closure of movie theaters due to the coronavirus damped results.
• ViacomCBS reported overall revenue of $6.28 billion for the quarter, down 12% compared with last year but ahead of the $6.18 billion that analysts expected.
• Profit fell to $481 million , or 78 cents a share, from $977 million , or $1.58 a share, for the second quarter last year.
Technicals
ADV 13.16m RVOL .74 BETA 1.9 ATR .99 Short 14% Inst Own 81.20%
Daily Chart

Hourly Chart

Intra Chart

Trading Strategy
Long 26 short 28
Reading the Tape
I did not see anything that led to taking the trade. I could begin to tell during the trade the was some heavy offers around 27.40 just below my stop. I could not have played this stop any tighter

Trade Management

Trade Notes
954 EST
I watched this after a this did a gap close out of the gate flushing 26. I had not done much planning on this as I had focused on other names more. All, i had was two plays and I missed that fantasy long in the opening candle. I did not trust the SMA most likely dues to the deep wick on the first candle. But, it did set up for a long off a prior day level that would have also worked as an SMA support
I did focus on this test what I did not remember was the long term trend line. As it rejected, I waited for the SMA to catch and took the trade like I was playing the SMA as resistance and limited in at the SMA after a dip below and the rejection of the level I was working off. I did manage to find the tightest market stop that This would allow that made trying to hold to a VWAP target a reasonable risk trade.
1010 EST
This was solid set up. As this started to bounce, I put the limit sell in at the SMA and this hit worked against me for only a few quick seconds. I did have the full run to targeT at VWAP but with a small hesitation on flattening as it spike into the target, I got just less than 1 to 1 on this scalp.