Good List today. JCOM intraday recovery, and other good short candidates especially COCO, ISIL and continued downside in LEH, SNPS, BAC, KKD (day #5), MCHP. Early bounce in OVTI quickly reversed back to downside. If COCO drops below 54 could be a continuing short possibly as low as 52.25.
GCO was really just looking for a trading buy from 10:00 (potential exhaustion move down) and it did move from 16.40 to a high of 17.06. These plays are really not meant to be held just bought off 5-minute bar set ups at key reversal periods and the best reversal period is the 10:00 to 10:15 period.
Notice in this example from MTON. We have the breakdown and the Gap 'n Crap but there is an "exhaustion move" that is over and reverses by 10:00 (or 10:15). The uptrend is relatively short (from 30 minutes to about 2 hours) but quite enough when you "anticipate" the move and are ready for it. A very important "Marketgems Earnings Play Strategy" is the REVERSAL move after any morning gap and crap. The best plays to trade in these 2 situations are EARNINGS PLAYS simply because you are prepared for them well in advance.
The next chart is a GAP down but without the "crap" and the reversal is IMMEDIATE and usually lasts until a resistance area is hit at a spike high.
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