ok, back from a looooong 12 hr road trip and i just finished catching up on today’s action. i have a lot of charts to post tonight and over the weekend but most importantly, i plan to do an follow-up to the bigger picture key index charts that i’ve discussed recently, as i still believe that we might be at or near a very important juncture in the market. i will also be going thru most of the long-side trades that i still have listed as active and either moving them to “completed” status or tightening up the stops. (basically suggesting that if i were a trader and still long, holding out for one of the higher targets.. i might considered booking profits asap or moving stops up to protect profits). that brings me to the first trade update, SRZ:
while i was out today, SRZ hit the first target (i must have been suffering from temporary vertical dyslexia when i annotated the original chart, as i just noticed inverting T1 and T2). this one was posted last friday as it was just starting to break-out above it’s downtrend line. from there, the breakout continued quietly moving higher into today and basically made perfect kiss of T1 on a large move up before pulling back a little into the close. had i been around, i would have done my best to point this out but as always, if you take any trade ideas from this site you must track those on your own and use you own stops and your own targets. if you work or are unable to watch your positions all day, consider using OCO (one-cancels-the other) orders, which allow you to place both a sell limit order for your profit target(s) and a stop order to cut your losses if the trade does not work out. i plan to add a section discussing this and other trading tips in the near future.
bottom line on SRZ, although i listed multiple targets, i would consider taking full profits at or near current levels or at the very least, raising stops to protect profits. this was one of many double digit gainers posted here since i started this site earlier this month and with a +15% gain in just one week and the risks of a pullback in the broad markets at increasing high levels, i believe booking profits and deploying those funds to trade with a better risk/return profile (or cash) makes a lot of sense right now. i am now considering this trade “completed” and do not plan to post and updates going forward. original and updated charts below:
