Tags:
Big Picture
TEAM eps .50 vs .39 estimate, revenue $688M vs $641 estimate with raised guidance.
Technical Setup
After gapping up in the pre-market, TEAM sold hard after the open from 310 to 290. It then retraced to VWAP at which point I got short looking for a move to the LOD, risking 60 cents.
Trade Management
I took off 25% of my position about $2 lower to cover risk. I continued to take profits into the LOD and the final bit got trail stopped out when TEAM retraced towards VWAP.
I tried to reshort from 295 with limited sucess.
Conclusions
In this market environment, it is best to catch a move in a name and move on. Trending trades are getting stopped out by the extreme volatility.
Execution detail:
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