Monday, October 6, 2014

Day trade Short RBCN 18.8%

The big news today was that GTAT declared bankruptcy and fell 90% from over $10 to under a buck.  I heard the news and immediately looked to RBCN. Down .04  I shorted it @4.46 and then the really fun began. This was a total avalanche.  I covered at 3.62, which turned out to be pretty darn close to the bottom. 

Why did I cover @ $3.62?  When a stock encounters aggressive selling and then that action slows and some bids come in I find it best to close the trade. It worked. 

Entry: 4.46
Exit 3.64
18.8%  (.85 R)

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