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SAVE First Profit Target Hit, Airline Sector Update

SAVE daily May 8th

SAVE daily May 8th

From the top of the triangle pattern when mentioned on April 28th, SAVE (Spirit Airlines) immediately gave up the ghost, plunging over 16% to to hit the first target for a gain of about 14.5%. Following the expected reaction off that support level, SAVE is likely to continue to one or both of the additional downside targets once this bounce runs its course.

I have been meaning to comment on the potential conflict between my call for a drop in oil prices along with a call for a correction in numerous airline stocks. In fact, I was asked that question today so I just wrapped up a brief video discussing that very question as well as a quick overview of each of the 7 recently posted airline short trades. That video is being processed & uploaded now & should be published shortly. Two of the recent airline trades, including SAVE, have already hit a price target. SAVE has hit the first of three potential targets while RJET recently hit the sole price target for a quick 11-12% gain in just 5 days.

note: For archiving purposes, RJET must be posted in a separate post as it is now a Completed Trade (to follow soon). For those signed up to receive email updates, a notification of the RJET final target being hit will not be sent via mail but can be viewed on the site shortly.

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May 8, 2015 1:07pm|Categories: Completed Trades - Short|Tags: |Comments Off on SAVE First Profit Target Hit, Airline Sector Update