I sold ZUMZ on Wednesday 2/22/17 at 19.85 which is a tiny winner from 19.60 entry. Took a closer look at the action in ZUMZ, and this looks to be an instance of “thought there was something better than there really was”, and that’s a pretty bad reason for trading a stock.
My rationale for buying was average at best. Specifically looking at the volume, while above average which triggered the Buy idea, was not “major” volume in that there have been several green bars of large volume above my trigger in the past few months. After analyzing recent winning and losing trades, I am Looking to only get involved in stocks with “major” volume as a trigger going forward. Ie a green bar with the highest volume in the past 6 months, 9 months, or year. Very happy to eek out a small profit on this one.
Impressed with today’s action for ZUMZ, on a day the S&P 500 was down .6% it was nice to see ZUMZ rally 3.98%, especially the day after I added to my position. Not jumping for joy at this point, but with a bullish view on ZUMZ it was positive to see today’s bullish engulfing candlestick. With ZUMZ closing at 19.6, I have a bit of breathing room from my stop (18.2, low from Tuesday 1/24/17) and starting to envision ZUMZ approaching moving up a couple points to take profits.
Added shares of ZUMZ on Friday 1/27/17 at 19.30 and then again at 18.95 bringing my average to 19.60. ZUMZ opened at 19.45 which was the high and had a low of 18.35 on Friday. Not loving the price action at the moment after hard selling on Friday, but ZUMZ managed to hold above the Tuesday 1/24/17 low of 18.20 which is my stop area. Initiated the ZUMZ position on Wednesday 1/25/17 after continuation through Tuesday’s high and since then we’ve seen nothing but selling pressure. Expecting the stock to bounce off the low 18’s and continue higher, but if it fails then cutting my loss and moving on.
Shortly after today’s open I was filled on all three possible longs: AOBC at 20.92, NVDQ at 6.9, and ZUMZ at 20.4. All three were on yesterday’s watch list for displaying a bullish candlestick reversal signal, oversold stochastic and high relative volume.
AOBC- bought today at 20.92 on continuation through yesterday’s high of 20.80. Seems that there is some support around the 20 level which I am using as a stop. If it pulls back a bit towards 20, I’ll consider adding more around 20.2. Targeting 22 to take profits.
AOBC daily chart
NVDQ- bought today shortly after the open and was filled at 6.90 as the stock broke through yesterday’s high of 6.85. Especially like the high volume recently, specifically the volume spike on the gap down from two weeks ago which could be viewed as panic selling. And now large levels of buyers seen in the volume of yesterday and today’s sessions. Using last week’s low of 6.25 as my stop. Will consider adding to my position if the stocks pulls back towards that area. Targeting around 8 to take profits.
NVDQ daily chart
ZUMZ- bought today at 20.40 as the stock broke above yesterday’s high of 20.30. Yesterday’s bullish engulfing candle looks like the stock could be reversing and indicates that it may have put in a near term low. Therefore, using yesterday’s low of 18.20 as my stop. Looking to add more ZUMZ if it pulls back to 19.30. Targeting 23 to take profits.
ZUMZ daily chart
AOBC- looks to be possibly forming a bottom, showing support at 20. Also like the good volume today along with the bullish candlestick. Interested in buying AOBC tomorrow if it can break above today’s high of 20.80.
Stock AOBC daily chart
NVDQ- looks to be possibly forming a bottom. Huge gap down and panic selling earlier this month. Interested in a potential long if it can break above today’s high of 6.85. Think it has a chance of getting back to 8 in the near future.
Stock NVDQ daily chart
ZUMZ- especially like today’s bullish engulfing candle, a possible sign of a reversal. Interested in a potential long position if it could break over today’s high of 20.30.
Stock ZUMZ daily chart