Guess we can blame it on the NFP Report this morning with a loss of 140K jobs vs the expectation of +60K new jobs. Whatever the cause, THO tanked and hit our Stop when the stock hit 95.36 at 14:50 ET. The sell price for the Feb 105 Call option was 3.10.
Since we formed a Bearish Engulfing pattern and closed below the 8ema, plus the ADX crossed Bearish and its a Friday. So, even if our Stop wasn't hit, I should have exited at the close today anyway.
I think I've had it with this stock. The option Bid/Ask spreads are terrible and without using options, the share price is just high enough that we'd need to tie up a lot of stock to get a standard 100 lot position. I've only been trading THO because of the great Bullish setup, but this annoying price action has whipsawed us in and out twice already. That's enough. There are many, many other things we can be trading.
So, summary:
Entry: 395
Exit: 310
Net: -$85.00 loss
Done with this trading vehicle.
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