Stock= FITB I bought 150,000 shares this morning at 3.00 about 5 min after the open, scaled into it, just buying them at 3.00. I sold 50,000 shares at 3.23 bout 5 min ago, and I'm holding 100,000 shares. Nailed it. Any advice? Any thoughts on where to get out?
I would book some more profits here in the low 3.20s. It is at a breakout point but watch FAS or other banks for a clue. there is good support in the 3.10 area.
How much more do you think I should take in? I already took in a third of the trade at a $11,500 profit. I'm thinking about holding this trade till the close, or getting out at 3.10 for a little profit, I tend to hold my winners pretty good. I took a loss on some UNG this morning trying to play the Natural Gas number at 9:30. I lost about $9,100 on that trade, so I'd like to cover that loss and end up with a profit on the day. I could lock in another 22k now but I think I'm gonna ride it a little. More imput would be appretiated.
I think dow could hold 8,000 in the cash, and I think futures are gonna blow through 8,000 in the mid day. If that happens I'm thinking this stock could be a lot higher.
There are no perfect answers. Resistance is building at the 3.25 area, so I'd sell some on a break under 3.20. 3.10 is strong support and much better support that 3.00. The next decent support level under 3.10 is in the high 2.80s.
FWIW on UNG, the big money folks that control the action in that almost always pop it on the storage number and it is usually a head fake. There is a massive supply of NG at the moment.
Thanks everyone on ET for your imput, NOT. Nobody could give me a little help, especially on a good size position. I ended up holding it and currently waiting to get out. FITB= 3.38 now. Another 15k baby.