I know it might seem crazy on the surface to jump in a long position early on, but typically those significant gap downs can be awfully difficult for the markets to hold on to. I’ve been eye-balling Authentec (AUTH) for a while now, and I love the chart setup and the risk/reward. Assuming that the gap-down eventually gets a bounce like it typically does, I should be sitting in a good position to benefit from any afternoon strength.
I also have plans to add some new short positions to the portfolio on an intraday bounce – just haven’t seen any bounce yet… so I’ll wait for the right opportunity there.
Here’s the Trade Setup in Authentec (AUTH).
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