I woke up this morning to a gap up in an extended market and the first thought that came to my mind was fade. Instead of listening to my thoughts I ended up chasing a couple stocks and took a few small losers. I got long POT, QCOM and VRX near the open and CMI later in the day.
Long 700 POT 57.95 stop at 57.70. Bailed around 57.80 when 58 breakout failed right away.
Long 1000 QCOM 59.03 stop at 58.85. Bailed at 59.
Long 500 VRX 54.10 stop at 53.80. Stopped 54.05.
Long 500 CMI 109.90 stop 109.50. Bailed on position average 109.80.
Market was very extended and a gap up should have been my clue not to buy breakouts. Will post charts later tonight.
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