****NOTE: SGG: Although it closed beneath the 50 DMA it held the September calendar range high at 25.77. Since we positioned size for a very wide stop initially, prefer now to go back to the original stop at 24.74 and then give you a fresh stop on Monday if necessary.
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Existing Position: Long SGG: 27.32 ATR: .87
Name of Instrument: iPath Bloomberg Sugar TR ETN
Current Price: 25.98
Original Sell Stop: 24.74
Reason For Trade: Essentially in a downtrend since mid-2011, I have been hawking for a bottom for some time. Over 29.05 on a weekly closing basis, would be a great confirmation but for now, after a confirmed bottom formation on August 24th, we bought on the basis of a phase change to recovery. Our risk is not quite to the low of that bottom, rather under just under the high of that day since that would suggest the bottom will not hold.
First Target: For now, will hold off on a target and instead, if can get to 2 ATRs will go to a no loss stop and reevaluate
