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Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
  • Magnum Hunter: Stop Tapped But Not Hit 0 comments
    Feb 19, 2014 10:38 AM | about stocks: MHR

    Price action in Magnum Hunter Resources (MHR) briefly touched our stop of 8.84.

    Briefly as in a few hundred shares were traded (observed on the tape) before MHR immediately rebounded.

    (click to enlarge)MHR 5-minute

    Charts by TeleChart

    Our trading methods are discretionary and the stop while not really negotiable, does need some amount of discernment as to when the stop is "hit" as opposed to "touched".

    Clearly, in the 5-minute chart above we can see that the 8.84 level was touched only briefly before rebounding.

    We are maintaining the long in MHR and now have a "hard-stop" at the 8.84 level.

    Update: 10:01 CST: Stopped-out at 8.84

    Now, on the side-lines.

    Disclosure: I am long MHR.

    Themes: Oil Stocks: MHR
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