Position Updates & Gauges For Trading on 8/11/2015

Mish Schneider | August 11, 2015

****Gift Horse PROFIT TARGET Reached PBF: Sold 1/3 33.44

***NOTE: PBF Raise sell stop to 29.17 with a two minute time confirm


New Position: FITB: Long 21.50 ATR: .33

Name of Instrument: Fifth Third Bancorp

Current Price: 21.71

Sell stop: 20.79 with 2 min time confirm

Reason For Trade: In a Bullish phase, the risk to the 50 DMA is well in line for a regional bank considering that that is a sector I’ve been friendly to this year. On both the weekly and monthly charts, the solid base targets a potential move to 2014 highs and perhaps higher. It hasn’t close above 21.59 on a weekly basis since June 2014.

First Target: Take off ½ at 22.64

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Existing Position: PBF: Long 31.20 ATR 1.28

Name of Instrument: PBF Energy Inc CI A

Current Price: 33.48

***RAISED Sell Stop: 29.17 with time confirm

Reason For Trade: In a current state of consolidation, the risk to the 50 DMA is within bounds for a reward, should it clear over 32.00 of much higher levels. A weekly close over 32.62 will be the highest weekly close since 2013. At that point, it could run to the 40 level or better. IN current market conditions, I am looking for risks to major moving averages within 2 ATRs with 2 times that of reward potential.


Second Profit Target for 1/3 : 34.44

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Existing Position: QIHU: Long at 62.54 ATR 3.93 Reports August 24th

Name of Instrument: Qihoo 360 Tech Co. Ltd

Current Price: 65.15

*****Raised Sell Stop: 62.54 with 2 minute time confirm

Reason For Trade: Cleared all moving averages last week and is consolidating above them giving us a really tight (almost miniswing) risk if breaks the moving averages. In late May it had a good reversal bottom and then again on July 8th, it made a higher low and popped back strongly. On the weekly chart, a close over 64.22 should get it to 70.00. For a real long term play, over 73.60 should take it to 2013 levels. Bottom line, a good tech stock with the risk to 3 moving averages nominal given the possible rewards.

**HIT**First Profit Target for 1/3 off: 66.39 **HIT**

**Sold 1/3 more of position at 62.40

*Third Profit Target: 69.67 for balance

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