I had two really nice plays this morning, the first was in KO which I found as a bearish gap down before the market opened. I rated the gap as a Tier II but it probably is a Tier I mortgage type gap which qualifies for an immediate entry. Well, after the first 1 minute bar closed as a topping tail I entered under the low @.87. I did not get the fill at first as the bid dropped off hard, then recovered hitting my fill. KO as usual was a bit whippy but I hung on to watch price drop nicely. I had several targets in mind the first was hit @ .72 where I sold quarter of my shares. I then had to sit through a little pain as price looked as if it were going to rally, but finally KO rolled back over and headed lower hitting my second target @ .52. At this point I had the day’s goal in and then some and I could not hold on as price bounced again so I trailed out of the play @ .54. KO went on to hit my lower target of .32 but for a Tuesday morning after a Holiday, I’m happy!
KO 02182014