Tuesday, September 7, 2010

Trade: Long ARST...loser

I actually exited this position on Friday. After beating earnings ARST didn't go anywhere and got taken down a bit. In any case, my stop was taken out right at the beginning of the day and I had to leave the position. $200 loss.

1hr chart:

I put on a really small position (1 contract Sep $32.5 call for $6.10) in ARST yesterday afternoon...This was based on the recent spike in ARST which came on massive volume. Also all hourly signals fired that fabled day.

ARST reports today after the close which they will divulge details of them putting themselves on the auction block. I am not happy with the open interest in the options at this strike but the delta etc lead me to choose this one.

Anyway it was near the CCI retest low when I picked it up and it is holding that low...

Let's see what happens:



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