KSS: Coming off of JCP and M yesterday I thought KSS would be another good fade opportunity so I was looking for any lower highs to get short. As the opening candles formed, I saw it get to that $46.7 resistance, but I wanted to see lower highs for some indication to start in. I was also looking at that $45.7 support from premarket to peak. Instead it was holding and all dips were being bought up. At the open it looked like it was peaking at the $46 level when the candle was forming but then a surge of buying came in, which gave me pause. After a few more minutes I noticed an uptrend forming and drew the appropriate line. From then on I wasn't interested in it until the uptrend failed. Normally, these plays, if they are going to fade, they have lower highs right off the open and don't open strong. So that in addition to the uptrend, made me more disinterested in the trade. I highlighted two spots with arrows on the chart where I was interested in shorting. But I wanted to see lower highs first, like I said. These bigger stocks usually offer lower highs before the fade comes although not always.
ANFI: I was looking for a weak open r/g on this. It had good news and it held up nicely yesterday. I was looking for it to reclaim $7.5 and perk from there. It washed out and did reclaim $7.5 and held which got me interested. It then perked green and was looking like it was holding so I was about to place my entry around $7.7 (where the arrow is). It dropped back to red before I placed my order so I waited to see what would happen. From there is just faded so I'm glad I didn't go in.
SUNE: I was originally looking to short pops on this for a third day down since premarket it was just grinding lower and there was no washout. However, at the open it did have a nice washout and I should have changed my bias to long since it washed out 10% in two candles. I was still looking for pops but didn't have as much confidence in the trade so I didn't take anything, which was good. One thing to note going forward is any washouts like this should be taken long - the key is the washout and not just grinding lower.
WTW: I was looking at this for the ABCD I noticed on a bigger timeframe. I was looking for $23 to hold and perk. It reclaimed and held but didn't seem to have much volume and I was more preoccupied with other stocks so wasn't paying that much attention when it started to perk even more towards going green.
SPHS: It was non-shortable at ST and with the price targets yesterday and with it holding up I thought it had trapped shorts and so I was looking for any support to reclaim and hold and perk. If it reclaimed the premarket support of $3.35 then I would be interested. It popped through it so I looked for it to confirm holding and perking. In one candle it dipped and then right afterwards it ripped to nHODs so it didn't give me a chance to get in. It might not have been worth it anyway since it traded like it was bipolar the entire day.
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