My plan going into today was to short this on an anticipation of a crack of 28.00 support with such an extended and overbought daily. Once it gapped up and began grinding into the VWAP I was thinking it would flush if it could crack the VWAP. I tested the waters with a small 100 share position at 28.73 and had a mental stop at 29.00. I needed to exit as soon as it bounced off the VWAP at 28.90. I held on a bit longer to see if it couldn't go green but ended up flattening the trade at 29.07 once it had broken above 29.00 resistance. The short came later in the day after making highs 30.55 and making lower highs into the VWAP. It did however reverse at 29.30 and squeeze up to highs into the close. Tricky stock. Potentially in play for a short tomorrow.
Execution detail:
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