Just a killer morning! +2,485 in about 40 minutes trading SRPT, AREX and AUPH.
SRPT was my biggest win of the day. When putting together my watch list last night I remembered good old SRPT. In September after the Para this was on my watch list for weeks but I finally took it off because it was consolidating around the highs. Sadly I forgot about it and I never looked at it again–until last night. If you pull up the daily you can see that it finally started to drop in October and it has been bleeding ever since. So this morning I planned to capitalize on the weakness. I shorted it into the push toward R/G with 38 over/under as my risk. I tried for a short right out of the gate but the thing never found a bid for me to get filled. None the less it was a perfect nail with some decent size for the higher price of the stock. I covered for over $1 in gains. I was so excited though about this score that I did not continue to watch the stock closely and missed a great re-entry on the push to VWAP after the LOD…opps!
AREX I started short on the push to the 3.20’s. I added in the 3.15’s and covered way to soon when it looked to be making a base at LOD.
AUPH I had orders placed pre-market anticipating a quick pop and drop. Sure enough it did pop, just not as high as I had anticipated. Fills on this thing on the offer were tough since it just tanked all morning. I got very little size on it but did make a little $ on it. Despite the tinny profits, I am really proud of my trading plan and confidence to execute it. That for me was key.
@madaznfootballr has some great videos on YouTube on how he determines a long or short pre-market on gaping momo stocks. Those videos really helped my confidence. I have always been more gun shy right out of the gate, preferring action later in the morning. Today I applied some of the things I learned and it worked out really well. I will continue to work on my confidence and execution of these type of plays.
