The HIBB (Hibbett Sports Inc) short trade hit the first target today for a 13% gain. HIBB came within 3 cents of hitting the first target, T1 at 43.48, exactly one month ago today before making a failed attempt to backfill the large gap and although it took a bit longer than I had expected, the first target was finally reached today. Consider booking partial or full profits and/or lowering stops, depending on your trading plan. T2 (40.35) remains the final target.
click here to view the live, annotated chart of HIBB
Note: New trade ideas and market updated have been far & few between lately. This is a reflection of both my own trading activity, or more accurately the lack thereof, as well as the fact that I’m just not finding many very attractive long setups with solid R/R profile. Although I do have a considerable watchlist of short trade ideas, the current uptrend in the broad market without any clear short-term bearish pattern formations dampens the R/R on even the best looking short patterns. I’m waiting for some half-decent signs of a likely reverse or even a short-term sell signal in the broad markets before taking on any more short exposure although I may take a shot at an APPL short, should I fail to be impressed with their latest product announcements tomorrow as a bearish technical case for the stock has recently been outlined.