Market Overview

What It's Like To Sell The Low In One Of The Worst Performing Stock

What It's Like To Sell The Low In One Of The Worst Performing Stock

Think you’ve hit rock bottom?

Dennis Dick, proprietary trader at Bright Trading LLC and co-host of Benzinga’s PreMarket Prep radio show, sold Snap Inc (NYSE: SNAP) at its nadir this week.

Sensing the stock was “overdone” and expecting it to rebound from a then-low of $11.50, Dick bought the open. Snap quickly fell to $11.30.

“I thought, ‘You know what, I don’t like taking heat,’” he said Tuesday on PreMarket Prep. “You know how I play my opening strategy. I like the things to open near the low and not go down 20 cents right after I buy them. I’m all about discipline and all about cutting losers.”

So Dick bowed out at $11.28 ━ just ahead of the stock’s turnaround and subsequent rise to $13.06.

“I sold the absolute bottom in Snap, yes I did,” he said.

But he’s not discouraged.

“The best traders are going to have losing trades,” Dick said. “Does that bother me? It bothers me zero.”

A fan of the “two-day move,” Dick bought Snap a few hours after the loss at $12.46 and intended to make up Monday’s losses when the stock opened at $13.21 Tuesday.

You can listen to our full discussion starting at the 2:00 mark in the track below.

PreMarket Prep is a daily trading show that airs every morning from 8–9 a.m. ET here and on our YouTube Channel. You can also listen to the podcast on iTunes, SoundCloud and Stitcher.

Posted-In: Bright Trading Dennis Dick PreMarket PrepMovers Tech Media Interview Best of Benzinga


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