Earnings Release:
-- EPS beat, rev. miss but +11% Y/Y
-- Q4 Comp. Sales up 12.6% but miss +14.5% est. BAD!!
-- FY22 comp. sales guidance for -2% - +1% growth. BAD!!
-- 80% inst. ownership very significant
Big gap down premarket after earnings report close to the 200SMA@daily=$103.5.
Bad FY sales guidance + big instit. holding meant that if they decided to reduce exposure, this thing could go down for next 2-3 consecutive days easily.
Premarket plan was to get "short" at the morning pop towards R1=$106.5, ideally R2=$110. Many longs trapped above R2=$110 at higher prices, happy to get out at b/e or for small loss. Put offers close to R2=$110.
Opened strong and exploded to R1=$106.5. So I sat tight and avoided the short vs R1. Next 2-mins I was getting hit at my offers below R2=$110.
Got short Tier 0, risking above R2 $111.5s, expecting a brutal rejection, break thru VWAP and a move towards S1=opening print=200SMA@daily=$103.5-104 zone.
However this thing had one more spike up to R3=$112.5 before rolling over. Took the stop, reloaded size at higher price, risking very tight stop above R3=$112.5 same trade plan as before. I don't know who covered at the open, but the spike to R3=$112.5 was entry of the century!!
Covered small at the quick flush to $108.5 to recoup some of the initial loss, reloaded size + added another tier at the 2nd push to R3=$112.5 that happenned while market was already getting hit big time, risking same stop above R3, expecting the big move lower to S1=$103.5-104 to cover bulk.
Slowly took profits in-front of VWAP, reloaded size once we lost the m.average and held below, risking $109 for the new adds, covered bulk at the flush to $104.
Tried to reloaded one more time at the quick spike to R1=$106.5, but stopped out of whole position once it pushed higher, thinking I would re-short closer to $108-108.5.
(-) I should have stopped out of the last add, not remaining core. Terrible decision and mixing of different entries.
Of course never got there, and I left behind w/o position for the next $3 run lower....
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-02-25 09:38:04 | BBY | sell | $108.900 | short |
2021-02-25 09:38:10 | BBY | sell | $109.400 | short |
2021-02-25 09:38:19 | BBY | sell | $109.800 | short |
2021-02-25 09:39:07 | BBY | buy | $111.630 | 0 |
2021-02-25 09:39:52 | BBY | sell | $110.860 | short |
2021-02-25 09:41:49 | BBY | buy | $108.780 | short |
2021-02-25 09:57:34 | BBY | sell | $111.750 | short |
2021-02-25 09:59:15 | BBY | buy | $110.550 | short |
2021-02-25 10:05:42 | BBY | buy | $109.210 | short |
2021-02-25 10:07:21 | BBY | buy | $108.340 | short |
2021-02-25 10:14:55 | BBY | buy | $107.200 | short |
2021-02-25 10:22:53 | BBY | sell | $107.540 | short |
2021-02-25 10:32:41 | BBY | buy | $106.530 | short |
2021-02-25 10:33:50 | BBY | buy | $106.150 | short |
2021-02-25 10:38:45 | BBY | buy | $105.200 | short |
2021-02-25 10:46:25 | BBY | sell | $106.310 | short |
2021-02-25 10:49:43 | BBY | buy | $107.150 | 0 |
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