I had an hour and a half or so to sit in on the markets. SWN was a big runner today so I tried to work with it a bit. Because of my late arrival, I had missed the big run-up, the pullback at 10:00 -10:35, and the secondary pop that ended at 11:35 or so. The stock was retreating from a double-top suggesting it would not push to new highs. So, I took a paper-short as it crossed below the 17 EMA and sat on it as the trade went negative briefly. It didn't cross into my stop loss area so I held and was rewarded with continued weakness. I covered it at a S/R area about $44.10. That proved to be premature as the stock continued to dump out after its morning run helped down by the markets rolling over in the early afternoon.
I took a long where I felt the bottom of the move had been reached and my instincts were correct but I sold the little pop when it ran out of steam. Too bad I didn't stick with it... it did rise soon afterward: I would have been down only 5 cents at the low of the trade and therefore wouldn't have stopped out. A potential 19 cent gain from my entry point... No guts, no glory!
That was my last trade. I watched POT for 10-15 mintues but I didn't stay with the markets because of other responsibilities.
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