IOC Follow Up

Since adding IOC to the core short portfolio or equities model portfolio, it's already in the green, but that's not what I'm most excited about with this opportunity, it is that this is a high probability, low risk entry at a good price point.

For example, if IOC were to turn around and head right back up, my risk here is minimal, I could define the stop as a percent or two above the recent intraday highs, which would give me about 5% position risk and about 1.5% portfolio risk.

In any case IOC is near an important area of last support.

 The intraday high level has already been broken, now the former closing high is being tested.

The 5 min 3C chart look like it won't hold, but I wouldn't be surprised to see some congestion in the area, maybe some peaks above and below support and resistance to try to generate orders and volume.

All in all I'm pretty happy to get a shot at a core position sort of out of the blue.

I'll be happy when a head fake move is confirmed and I can put this one away and not look at it every day.