I found a nice Tier II mortgage type gap play this morning in NOV that I nearly got stopped out on but managed to hang with it to 2 of my lower targets. NOV opened by gaping under 7 days of bullish trading. As price headed lower I could only watch and wait for an entry pattern which finally occurred on the 1 minute chart as a PSS. I entered the play @ .52 with just a few shares and found myself adding a few more shares on a second sign of weakness @ .20 cents. Then, price took a turn for the worst as I was almost stopped out at 78.51, I believe one print @ .58 printed but for some reason my hard stop was not hit and price finally gave in and headed lower hitting my first target @ 78.01. I then had to set through another run at my stop, but again, prices finally rolled back over and headed lower hitting my 2nd target @ 77.38 where I covered another 1/4 shares. My ultimate target was $77 even but I found myself tailing out of the play over lunch time @ .60. Pretty good play for almost being stopped twice and NOV kept me in the black today on a very tricky day of trading...
NOV 04282014