Everyone is looking at FB today, gapping 16% on earnings. The setup is a gap up against yesterday's breakdown day. I had noted 207 (50ma) level, and premkt support 198ish. Thought it could pull back to 195 and still be decent for a long.
In the opening minute/2, it ran straight to 207, then 208. And then croaked. Like we've seen lots of things do lately. We're in a bearish market. Runups should be treated skeptically.
After the runup and the full retracement, it looked like it was going to reject vwap and I jumped into puts. One bar of nerves, and I was going to give it ndh, but then it dropped out. I held past p/l target but trailed the pltgt stop down after it. Market dropping in tandem.
Other levels I noted, 198 pmkt low, 195 area from daily chart. It crossed premkt support easily and I thought it was going to go straight to hell, but when it stalled, I tightened up. Grabbed +48% by 9:46. Zigs no zags! I'm going to go have a nice day! Peace!
