Thursday, January 21, 2016

Sold SCO This Morning 6%

I put a stop order outlst night to sell the whole position on a move below the previous close. It triggered this morning and I sold all of SCO for a 6% gain. I was planning on flipping to long oil but this small a percentage move doesn't in itself indicate a spike bottom. Oil was up just about 4% or so, not a wide ranging day indicative of a sure bottom. It looks like a bullish engulf starting. I will see how it goes but this looks like a bear flag more so.

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