Stock Selection Information
Cisco (CSCO) is now up 9.4% premarket following last night's earnings and guidance. Lazard's Ryan Hitchinson notes guidance was light, but likely beat a lot of the whispers out there. He also believes management is remaining conservative amid improving demand trends. A bellwether no more, Cisco's moonshot is having little effect on the [[QQQ]]s, which are barely green at the moment.
Pre-Market Volume - 38.39%
Trading Plan - To go long above 22.00
Management
Entry Setup used: Fail to break down support.
Trading Comments
Tape reading helped a lot to get in at this trade. At the level the bids were being hit and there was a lot of volume done, but the prices were not dropping. Bids were holding and a lot of buying. So I got long at 23.48.
When it broke above the 23.50 level momentum up was strong. Around 23.75 momentum start to dry of, also identified from the tape, so I closed the position.
When it broke above the 23.50 level momentum up was strong. Around 23.75 momentum start to dry of, also identified from the tape, so I closed the position.
Evaluation
It was a great trade and very well executed. I did not see other reasons to get in after that and do not regret the exit. First 30 minutes of the day is for momentum trades. When momentum is done (the reason why I got in the trade), I must exit.
I could´ve added to the position when it broke above .50 level. This is the only thing I need to learn how to do in this momentum based strategies. To go "all-in" cause usually they are good trades. In that scenario holding some stocks for next up leg momentum might be possible.
I could´ve added to the position when it broke above .50 level. This is the only thing I need to learn how to do in this momentum based strategies. To go "all-in" cause usually they are good trades. In that scenario holding some stocks for next up leg momentum might be possible.
