PRIM Trade on Mar 3, 2015 13:12 from foldelinio_BOWS: Tradervue User Stock Trades.

interesting play, although not very profitable.
38M float/1.8% short of float/ 50% institutional

catalyst: earnings miss
Stop: 17.45$
R:0.5

Stock had a huge gap down on a nasty earnings miss, but little volume premarket. It got halted premarket, news pending. 30min before open, news came out that $PRIM acquired a company and I wanted to play this short.

Action was very choppy and although 18$ soaked up huge size, I waited because I was anticipating a flush on the opening. At around 10:17 50k share blocks started to show up on the tape at 17.50$, 17.55$ and twice at 18$. It looked like someone wanted to get rid of his shorts.
At 13:12 12,300 shares were shown on the bid at 17.32$ while the book has been thin the whole day. I figured, this could be the the remainder of the huge short cover, so if this order was taken, there would no more size to hold up the stock.

I left a little more room as I anticipated spikey action around that order. I hit the bid together with the other guys.

1st scale: 1/2 at 1:1 at support
close: did not like the fact, that size was only trading at the offer and 17.20$ wasn't able to fall right away. Exit on the pullback of the spike towards resistance.