Sometimes I scare myself. I saw ATVI this morning (I think it came up on one of my Trade-Ideas scans) and had this conversation with Duru over IM:
TraderMike (9:43:42 AM): check the daily on ATVI… looks like it’s ready to crash
Duru (9:44:00 AM): sure does!
Duru (9:44:30 AM): This sector not performing as expected. I know Kramer has pounded the table non-stop on these things.
I said that because of the way it was hovering around its 200-day moving average. It just looked (felt) like a weak retracement. I think we both lost track of it during today’s session, which is probably a good thing! Anyway, they just warned in the after-hours session and the stock just got slammed. It’s trading at 12.30 now. Too bad I didn’t make any money off of that observation as we both lament:
Duru (5:10:07 PM): ATVI smashed
TraderMike (5:11:14 PM): booya!
TraderMike (5:12:18 PM): pretty amazing given what I said about ATVI this AM
Duru (5:14:43 PM): sure is…too bad we couldn’t make $$$ from it!
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This is a classic – one for the ages! I am sure many folks got fooled by the strong volume and the burst ABOVE the 200 DMA. I assume some long-term minded folks decided to bumrush. I hope they have a really long horizon…
Ugh. I’m sure kicking myself on this one – I was short this one from early November at 17.10. My trailing stop got triggered in the recent rebound. I saw some good profit on the trade, though. Actually one of my better shorts; usually I get burned on shorts.
Nice trade Del… hard to complain about catching that much on a short. I surely would have covered when it came back to the 200 DMA a couple of weeks ago — if not earlier.
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