Thursday, July 31, 2014

300 Plus down day. Closed: CGNX, SPWR

I had noted for some time that the market was appearing to roll over. My break out trades did not get much traction.  Today they all fell apart and the major averages were down big today.  300 on the Dow.  The S&P looked like this.   

That caused a few stops to get hit, CGNX SPWR

CGNX, was my "they had great earnings" I think I should buy it play...:   In AH $44.85  Out 41.57 - 3.28.   This trade failed on all counts, theory, entry and exit as I let my  42 stop slide.   The only positive is that I traded it small as it was a test trade for me.

SPWR had set up nicely but it couldn't handle the selling.  ... and good thing for me because my stop get hit.  Sold at 37.47.  They then missed earnings and traded as low as 32 AH.

Entry. 38.51  Exit. 37.47.  - 1.04.   .57R.   
What can I say?  I traded planned my trade and traded my plan. It didn't work.  I had opportunities to get out with small profits but the set up was still decent.   My mistake was initiating the trade with 3 days to earnings which constricted the movement to the upside.    Live to fight another day.

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