Spec's playing a game with you. his bot will drive you crazy........if u put out an offer, it'll step in front of you. He won't let you out unless you hit his bids. But regardless of how much you could lose tomorrow, you do not hit an bid 50c below. same thing happened to me in PM last night. I forgot to cancel some bid way below the market and the final NY print was 80c below the mkt. it ripped up almost 3 points today after taking my longs at the low of the day today. in short, you can't win the game against the spec.....he controls closing and opening price. the best thing is to take few cents loss and get out if you can..........but looking at the tape, i don't think u can. then you hold it overnite....hope for the best. throw 1/2 at open and put a limit sell on the other 1/2.
How big a percentage is it of your capital? If too large reduce it and spread out your money. How's housing doing? Why should HD go up here? Fundamental outlook may not be good. Recession appears to be is imminent. Housing foreclosures are going up. Housing doesn't appear to be poised for a turn around. I don't like HD here.
Man, never hold a position overnight if you intended it for a daytrade. You are not stuck, you are just in a losing position. Accept the loss, close the trade, and move on. Especially in this tape with VIX above 40, you are taking a huge gamble.
One of two things are likely to happen (you are not the first): 1) You will take a beating......and remember it well. 2) You will come out a winner and create a faulty mental image that may trap you in the future. This may be the worst outcome if you think about it.
If there were a decent bid to get out on, I would take it. But there is no bid currently. Odds are you can get out at a better price tomorrow.
I don't understand why guys who are day traders, try to get these last minute trades when they don't have a plan (imbalances). I don't know much about stocks but I do know this much, you get what you deserve.