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  • SINA Trading Range Short Setup
    SINA had a strong first bar of the day and then completely reversed below the open price of the day. When you see weakness like this, wait for the stock to rally near the low of the first bar of the day (but not over the open price), then short below the low of a previous bar, as SINA did when it traded below the 9:25am PST bar low of $66.27. The stop is the open price of $66.55. SINA traded down to a low of $64.80 for a maximum reward/risk of $1.46/$0.29.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: SINA
    Mar 31 9:20 PM | Link | Comment!
  • IMGN Gap Up Short Trade
    IMGN gapped up 13.3% on news of positive results on a late stage study for a new breast cancer drug. Whenever a stock gaps up more than 5% and sells off for the first few bars of the day, it is a candidate for a short on a weak rally attempt. When the first rally stalls and trades below the low of a previous bar, as IMGN did here trading below the 7:15am PST bar low of $15.16, the short trade is triggered. IMGN traded down to a low $13.75 for a maximum reward/risk of $1.40/$0.13.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Tags: IMGN
    Mar 31 3:21 PM | Link | Comment!
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