71.06M float/2.20% short float/no info on institutionals
playbook: recent IPO announced secondary offering for 10M shares @ 18.50$. Shareholders getting out, no dilution. SO - price touched prmkt, but still trading above. Looking for a red/green
Stop: 18.30$ feeler/ 18.37$ real position.
R: 4
Stock flushed on the open a little but quickly recovered on huge volume, signaling that buyers are willing to soak up some of the secondary. I threw a couple of shares at it, just to get a feeling for the stock. When it broke above secondary offering price I put on the real position.
Scaled into resistance a little and added twice as soon as a large buyer/hidden bid stepped up to the .60s.
Unfortunately the stock died mid day, so I closed and left.
Execution detail:
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