Position Updates & Gauges for Trading on 9/3/2014

Mish Schneider | September 2, 2014

New Position: Long PM 85.80 ATR: .74

Name of Instrument: Philip Morris

Sell Stop: 84.19

Current Price: 85.49

Reason For Trade: Confirmed Phase change to Bullish with good risk to under the 200 DMA and can move stop up if cannot clear over 85.80 later on.

First Target for ½ off: 88.24

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Existing Position: Long XOP 76.25 ATR 1.38

Name of Instrument: SPDR S&P Oil & Gas Exploration

Sell Stop: 76.93

Current Price: 77.65

Reason for Trade: After basing for 10 days on its 200 DMA and a prior weekly breakout level, its beginning to turn up. If this move is good I expect that it will not drop back below 75.

First Target: Hit target 1 move stop to no loss

Second Target: Hit target 2 use trailing stop

Third Target: 80.25 (take half off remaining Position)

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Existing Position: Long JBLU 11.07 ATR .39

Name of Instrument: Jet Blue Airways

Sell Stop: Trailing Stop 11.47

Current Price: 12.66

Reason for Trade: After testing the 50 DMA twice, it gapped up over the 10 DMA and gave a good tight risk to below the 50 DMA. Has cleared the 6 month calendar range as well. If can hold and clear recent highs 11.59 see 12.00 or higher

First Target: Reached Sold ½ position

Second Target: 12.98 (Sell 1/2 of remaining position)

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