- The Opening Print
- Posts
- More Profit Trimming
It has been a stock-pickers market while the S&P has been in a frustrating range-bound trade. If you think having some of these individual stock setups will help your trading, consider this a gift:
Two days, two updates (the first is right here).
Sorry folks, we don’t mean to bombard you on intraday updates. We included the first trim zone for Uber today, but not the second as I did not think it would be applicable.
Well, here are in target No. 2.
Let’s also update CRM. Excuse any typos. This is a midday update where time is of the essence.
UBER
Support held exactly where we needed it too. We powered up through the $38.50 area, which was target No. 1 (the 61.8% retrace in this case) and now we’re in the $39 to $39.25 zone, which is target No. 2 and the recent highs.
Target No. 3 is going to be $40+ as we sniff for that upside extension.
I am using a combination of calls and common stock. For the latter, use a break-even stop at this point. (I trim the calls before the common, typically).
CRM
We are within the $212.50 +/- $1 now. I would be down to about a ½ size here. A little smaller is okay, but ultimately if tech is going to continue leading, CRM will likely go for the ride.
It has traded very well this year and then consolidated for about two months. So it still has some room to expand.
AVGO
Why can’t they all be like AVGO? Kidding aside, get down to runners here (1/4 position) and fish for $675 to $678 on the remainder.
Cheers all! Glad to hear that some of these trades have helped during what has been a choppy, range-bound marker.