Position Updates & Gauges For Trading on 8/7/2015

Mish Schneider | August 6, 2015

*****TRIP: Out of position at 76.23


Existing Position: PBF: Long 31.20 ATR 1.28

Name of Instrument: PBF Energy Inc CI A

Current Price: 31.69

Sell Stop: 28.73 or slightly less than 2 ATRs 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.

First Profit Target for ½: 34.44

View Gauges

View Gauge


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

Name of Instrument: Qihoo 360 Tech Co. Ltd

Current Price: 64.05

****Raised Sell Stop: 59.54 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

View Gauges

View Gauge


New Position: Long ½ IYT: 144.60 ATR: 1.93

Name of Instrument: iShs Transp Average ETF

Current Price: 150.20

*RAISED***Trailing Stop: 148.54 with 2 minute time confirm

Reason for trade: On July 8th it made a new low and then 2 days later, it confirmed a reversal pattern. We traded this last week and made money on ½, scratched on the other ½. With the decline in the market, we have an opportunity to buy back ½ with a stop under the 2015 low and risk about one ATR. On a daily basis, our entry was over the 30 minute Opening Range Breakout and prior day low. When we enter ½ a position, it means we are only willing to risk ½ as much as normal. If the market stabilizes, we will consider adding back the other ½ over 146.00. 144.83 is the 23 month moving average.

REACHED***First Profit Target: 147.14 for 1/3 off

REACHED***Second Profit Target: Take 1/3 off at 149.09 MIT (Market If Touched)

P3 155.43

View Gauges

View Gauge


*****OUT at 76.23 Existing Position: TRIP: Long full position average price now 79.58 ATR: 3.25
Name of Instrument: TripAdvisor Inc When-Issued