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If there’s one thing you must know about Wall Street, it’s this…
Wall Street overreacts – A LOT.
Any slight concern can send a company on a short-term downward spiral.
Take the cybersecurity company Fortinet (FTNT), for example.
Back in August, FTNT saw a near 30% drop in its price.
This dip stemmed from Wall Street concerns over FTNT’s latest firewall upgrade and how the upgrade failed to create a better financial outcome.
The move marked FTNT’s steepest one-day decline and its second-worst total decline ever.
Check out the down gap in the chart below.
While most traders would get anxiety over down moves like this – I considered it a gift.
This was classic Wall Street panic.
Shortly after the overreaction, FTNT started to fill its gap.
Once it filled the gap 10%, this was my trigger for a precise entry point.
I got positioned in The War Room.
After I got in, I noticed the gap continued to fill, and if we could get up to $82.50 support price, then I there was more blue sky up to $95.
So I rolled the September FTNT calls over into October a few days later.
Eventually, we got one more push from FTNT into the profit soon, and I closed the trade for a 22% winner in 8 trading days.
Several War Room members were in on the trade.
Here’s what they had to say…
