Update - QCOM OII CHS

QCOM went slightly above lasts nights price action first thing this morning trading around $47.60 and reaching a high of $47.70 at 8:37am. It then went down for the rest of the day and and closed near its low at $46.35 ending in the red for the day. Although the market fell off late in the day QCOM was red before the sell off began.


OII also opened in the pre-market a little above last nights level off trading price opening at $69.28. It then rose up to 72.03 at 9:46am before taking its initial dive and going to $69.60, a drop of $2.43! It did go lower near the end of the day with the market sell off, but for me the trade would have been done after the first substantial drop (even though I wouldn't short it because it is a play on oil).


CHS traded very thinly in the pre-market but also above last nights trading range. People must have woken up this morning thinking the market had bottomed. After trading around $29.68 last night this only saw a low of $29.92 in the pre-market, rose to $30.63 at 9:42am and had a drop to $29.90 by 10:54am. So this traded a lot like OII did where the peaks were both very close in time. This also gives an example where shorting after hours last night would not have turned out very well, since the stock did not trade very close to lasts nights price action. It seems crystal clear these days that waiting for the 9:30am spike is a good way to play the picks. And if there is no spike, move on to the next day.