****Note: Please be on the lookout for a new stop in PBF and a change in the one in CBS Friday morning.
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Existing Position: PBF: Long 31.20 ATR 1.28
Name of Instrument: PBF Energy Inc CI A
Current Price: 35.24
****RAISED Trailing stop: 32.97 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
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New Position CBS: Long partial position at 50.00. ATR 1.74
***NOTE: Since we risked less than 1/2 ATR w/ 1/2 position, we took off 1/4 of pos. at 50.16 last 6 min of day, to reduce overnight risk
Name of Instrument: CBS Corporation
Current Price: 50.08
Sell stop: 49.24 with 2 min time confirm.
Reason For Trade: On August 6th, this had a classic one day reversal pattern with an expanded range, huge volume, new low and close on the highs. It also landed and is holding the 200 week moving average. Our original risk is less than ½ an ATR to probe a bottom. We reduced the size and will move the stop accordingly. In the meantime, we are probing ahead of the premiere of the new Late Night with Stephen Colbert as well, (although mainly because the technical analysis lines up), to see if it can get as he says, “The Colbert Bump.”
Took off ¼ at: 50.16
Second Profit target for another ¼ off of original position size: 52.49
