****NOTE: CBS New Stop but be prepared for changes: 48.73 with a two minute time confirm.
***Note: Exited PBF last 1/3 at 34.87-all out
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***ALL OUT 34.87 Existing Position: PBF: Long 1/3 original position 31.20 ATR 1.28
***PROFIT TARGET REACHED Sold 1/3 33.44
***REACHED Second Profit Target Sold 1/3 original position: 34.44!
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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: 49.22
***LOWERED Sell stop: 48.73 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
