PG&E stock: Balls of steel stock play

Discussion in 'Stocks' started by trader99, Nov 15, 2018.

  1. trader99


    This morning it went down to $20. I got in some stocks and options. Then I had to go to work. At 1PM PST, I saw it went down to $17.74. I thought I bought too soon. I felt like because of my time constraint(I only have 1 hr in the morning for trading) that I bought too soon. Maybe I could check the price when I got to work this morning and bought at a better price.

    Then now overnight it shot up to $25.60!

    So, how should I play this tomorrow morning?

    1) Exit at the open right away?
    2) Wait and exit before the end of the day.
    3) Wait for a few days to see how far this will run? Maybe it will run to the 30s due to shorts covering?

    What do you guys think?
    Last edited: Nov 15, 2018
  2. newwurldmn


    From what I read there is no reason for the stock rally. I would take the 20percent gain and see what happens.
    ironchef and trader99 like this.
  3. Ayn Rand

    Ayn Rand

    Every situation if different.

    1. Just because it went up to $25.60 after hours does not mean it will open at that price.
    2. Check pre market
    3. Not sure how many actual shares you have. You might want to try and sell pre market. After the open the price is going to be moving very fast.
    4. The bid ask on the options are going to be very wide and the price will move fast. This will be trickier than the actual shares.

    Good luck and enjoy
    VPhantom and trader99 like this.
  4. trader99


    I'm thinking of unloading the options first during pre-market. Then half of the shares. And ride the rest if possible. Unless it tanks right away then I'm out.
  5. Ayn Rand

    Ayn Rand

    Options do not trade pre-market.
    murray t turtle and jys78 like this.
  6. trader99


    you are right! almost forgot about that! Will be holding my breath tomorrow morning... Hopefully it will open up huge.... *fingers crossed*
  7. ironchef


    Situation trade is hard, I would not go into PG&E now but would wait a little longer for a better entry. At this stage IV is high and options (going long) are expensive. If I am already in, I take profit right away and wait for things to settle down.

    But don't take me too seriously, this is just guessing from an amateur.:D

    Good luck.
    trader99 likes this.
  8. maxinger


    IMHO it is unwise to long it at this moment.

    This is how I would trade.
    5 days ago, there was long red candle with extremely high volume.
    also price has already broke the rising trendline.
    Before end of that day, short it.
    don't wait for next day because it might be too late to short.

    personally i wouldn't read news about whether brankrupty is going to take place or not. The chart contains sufficient info for us to trade.

    Different people trade differently.
    so trade based on your trade plan.
    Last edited: Nov 16, 2018
  9. newwurldmn


    The value of a proper news source: Bloomberg has it that the CA regulator made comments that he won’t let PGandE go bankrupt.
    trader99 likes this.
  10. vanzandt


    Not apples to apples I guess... but for some reason I want to conjure up the ghost of Bear Sterns.


    #10     Nov 16, 2018
    trader99 likes this.