Usually, it’s best to dance with the girl who brought you, after having a nice short in RIG this morning, I thought a little late day break out was in order, so I took a nice bottoming tail, with COG @ support, long as a 15 minute buy triggered in RIG and the QQQ at the same time. We call this a market play or market alignment in which the Q’s were due to rally anyway; but quickly failed causing havoc with my trade in RIG. I let RIG roll over too far that I decided to hold on looking for a higher low. This play had huge risk to reward with a huge void above which makes the play much more desirable and harder to want to exit. I decided that I would take 1/3 of my shares off when price got near .42 again, which it soon did. Soon after the whole market came tumbling lower which forced me out of my trade with a very small gain. What a day in the market!
RIG II