***Note: QIHU sold 1/3 position at 62.40 leaves 1/3 left with original stop
+++++++++++++++++++++++++++++++++++++++
Existing Position: QIHU: Long at 62.54 ATR 3.93 Reports August 24th
Name of Instrument: Qihoo 360 Tech Co. Ltd
Current Price: 63.20
****Lowered Sell Stop: 59.87 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
**Second Profit Target for 1/3 off: 67.74
+++++++++++++++++++++++++++++++++++++++++
New Position: Long ½ IYT: 144.60 ATR: 1.93
Name of Instrument: iShs Transp Average ETF
Current Price: 144.41
Sell stop: 142.62 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.
First Profit Target: 147.14 for ½ if we do not add
