****QIHU: Out 63.05 all gone-profitable trade
***PBF: Hit P2 at 34.44 sold another 1/3. New stop on remaining balance breakeven at 31.20
***IYT: Go back to our original sell stop 147.54 with a two minute time confirm on our ½ position
++++++++++++++++++++++++++++++++
New Position: Long ½ position only IYT: 150.24 ATR 2.234
Name of Instrument: iShs Transp Average ETF
Current Price: 149.32
Sell stop: 147.54 with 2 min time confirm
Reason For Trade: The right shoulder of an inverted head and shoulders bottom could be forming. We made money on the ½ position we had recently, so putting on a new ½ position with less than 1 ATR stop is a conservative way to see if this continues to hold up in the face of the market weakness.
First Profit Target: For ½ of position 156.44
++++++++++++++++++++++++++++++
Exisiting Position: FITB: Long 21.50 ATR: .33
Name of Instrument: Fifth Third Bancorp
Current Price: 21.17
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
++++++++++++++++++++++++++++++++++
Existing Position: PBF: Long 31.20 ATR 1.28
Name of Instrument: PBF Energy Inc CI A
Current Price: 34.56
****RAISED Breakeven stop: 31.20 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.
***PROFIT TARGET REACHED Sold 1/3 33.44
***REACHED Second Profit Target Sold 1/3 original position: 34.44!
Third Profit Target: Sell another ½ of remaining position at 37.24
+++++++++++++++++++++++++++++++++++++
***All out balance 63.05 Existing Position: QIHU: Long partial position 62.54 ATR 3.93 Reports August 24th (SOLD 2/3 position at 66.39 and 62.40 combined)
Name of Instrument: Qihoo 360 Tech Co. Ltd
