1/23/2019 – $COF

COF

Stock Overview: Capital One $COF was an earnings loser dropping 6% in after hours trading after missing revenue estimates. Although the stock beat EPS handily, analysts were busy downgrading and dropping price targets.

Market Overview: The market was -2% on yesterdays session based on trade war fears, but gapped higher on the open.

Technicals: The stock opened up and held below its opening 10-min candle low from yesterdays after hours session $80 (976k volume). After a pre-market bounce it was again smacked below $80 after the opening bell 10-min candle (476k) and back under VWAP.

Trade: Failed to get a fill at $3.65 (3.60 x 3.75). Walked by bid up to 3.95 & got a 3.93 fill, but only filed half the contracts I wanted. Stock pretty much went in my favor right away which kept me from filling the remaining contracts so I cancelled the back half. Overall market (S&P) reversed from 1.10% green to .71% red, but $COF refused to make new lows. Then it reclaimed $78 so I starting looking for an exit. Scratch trade, but at least kept it the trade from going red.

Summary: Sloppy late entry. Filled only half contracts. $COF failed to make/test lows with the overall market making a huge reversal to the downside. Exited for a scratch trade. Could have actually flipped long risking low of day $77.71 with a $78.10 entry at 12:30 ET.

Result: +.12 /contract

Trade Plan
Stop:$78.60
Entry: $78.19
Target: $77.66

Actual Exit: $77.98

1 Year Trend: Bearish
200 day: Below
100 Day: Below
50 Day: Below
Weekly Candle Low: 79.92
Weekly Candle High: 85.25
Average Daily Volume: 2.98 M
Opening 10 Min Volume: 476 K
52 Week High:105.77
52 Week Low:69.90
Short Interest: 1%