Big Lots (BIG) - buy 1/3 position

This morning the markets traded down as expected by the pre market futures. And I stated this morning that there may be some buying in the morning as the major indices have bounced from support (see the DOW chart in my public chart list, the DOW bounced exactly at the point I indicated would be a major support area).

With that in mind and right now there is still some buying I want to take a position in BIG as this chart is still one of my favorites right now. For the past few days it has been churning right at it's long term trend support line. And that support line has been keeping the stock from falling any more. What I am going to do since we are still in a volatile market is I'm going to go in with only a 1/3 of my normal swing trade size to start with here at these current price levels. This way we position ourselves with only a small amount of our swing trade funds in case the market takes another big dive then our stop out will be on only a small amount of funds.

If we get some market recovery then we will add another 1/3 on the move above $30.50. And then the final 1/3 I'll decide after I see how the chart ends the day.

You can buy here now 1/3 of a normal swing trade on BIG. Don't be too concerned if the price moves around a bit today as it is churning here. The key support level is $28.65. So as long as it stays above $28.65 it is still safe to buy a 1/3.

Long BIG @ $29.20 (1/3 of swing trade funds)

Stop Loss: $28.20