Shared by
Driver42_BOWS
Couldn't understand what happened on this one. Earnings estimates were 26.5 cents per share but actual restults were 5 cents per share. So why did the stock gap up so much on the open?
I had it down to play short even though I saw the premarket was up on this. So, I played it long as it broke the top of the flag and the premarket high. Not long after, I was stopped out and the price has continued to fall for the next hour and more.
It doesn't make any sense at all as far as I can see.
I had an idea of what the price should do but played the chart.
Gap on open. Formed a flag then broke out on heavy volume.
Long 9.69 stop 9.5. New high so no resistance to be seen.
Then turned around and stopped me out
Execution detail:
| Date/time | Symbol | Side | Price | Position |
|---|---|---|---|---|
| 2015-03-12 09:51:29 | JASO | buy | $9.690 | long |
| 2015-03-12 09:55:32 | JASO | sell | $9.500 | 0 |
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I can tel you right away, what happened...I was in the same trade. at 9.70$ was a 200,000 share order directly at the breakout spot. It got hammered by all the breakout traders and went up a couple of cents. There weren't any buyers up there, so they puked out 200K shares worth of longs --> death kiss :)