Trading Recap 6/29/15

I didn't make any trades today as well although there was a healthy amount of opportunity to short stuff that I had on watch. A lot of stuff though had wide stops that I wasn't comfortable with so I am glad I exercised some restraint even though had I shorted everything, it all would have worked out for the most part. Anyway, I just want to document some of the trades that I was thinking about taking.


CMCM: I was originally thinking of shorting this and it would have been a nice short. However, it went nHOD and while I don't think I put in an order, I was interested in a potential bounce because I have been following the stock for a while and I know that it bounces nicely after a nice wash. The thing is, it usually just goes up and so when it had dips to 29 over/under it was suspicious to me even as it was going higher. However, it came back down and 29 was now peaking which I thought could be a good short but I didn't think it would have much downside. It ended up flushing a dollar and a half which would have been nice. Looking back it was a nice HOD consolidation pattern that looked good for a short.

SRPT: I was looking for a short in this as well since it had an overextended daily and the market was of course selling off. I missed the initial flush but saw a descending triangle/base forming and I thought about going short on the base break. I think the reason I didn't take this was that I would have to risk 30-40 cents which is too much for my account on 100 shares. Either way, at least it was a good spot.

FGEN: I had this on short watch even though the daily was forming a flag because of the overall market. I have seen flags fail when markets are going down so I thought it was a good opportunity. I didn't see any entry besides chasing nLODs for a short but I saw it made a huge run back up to 24 which was a nice resistance and I figured this run was all caused by the SSR. I don't why I didn't take this since it was low risk and it really couldn't have gone any much higher (I think - I know dangerous thinking but I think in this case it's ok). With the run being caused by the SSR and it going right into resistance, it would have been a good short.

MU: MU provided yet another great short opportunity that I did not partake in. I was looking for a 19.5 retest and fail and that is exactly what happened. It just slid the rest of the day.

SYN: Originally I was looking for dips to get long but after it formed a nice rejection pattern I was thinking of shorting big size and scalping it. While it would have worked I decided against it because it has burned me in the past. I could have shorted normal size and kept it under $3, I suppose since it washed to 2.75.