Playbook: Both above 300m float, so definitely not momentum names. The FTC recommended a lawsuit to block the merger of those companies (tobacco industry). Both stocks reacted by gapping down. I will look for intraday correlation, buy the stronger one and short the weaker.
Stop: 65.40$
R: 0
.30s where line in the sand and I shorted it everytime bids where weak around this area. Stock refused to tank however and there was some weird algo/arb action between .29s and .35s the entire moring. So I decided to leave the stock alone, as I couldn't figure out, what was going on.
Execution detail:
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Yeah! i tried it short it early. HFT's seemed really active later in the day