Existing Position: KORS: Long 44.06 ATR 1.34
Name of Instrument: Michael Kors Hldg, Ltd.
Current Price: 43.07
Sell Stop: 42.14
Reason For Trade: After the market flush on August 24th, this has been holding above the 50 DMA with that a good risk of about 1.5 ATRs. If holds and takes out 45.00 will be first time since May. Then, could see a much bigger run up ahead of holidays as this brand has found a sweet spot between high designer clothes prices and cheaper brands.
First Target: 46.94 for ½ off*
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Existing Position: Long SGG: 27.32 ATR: .87
Name of Instrument: iPath Bloomberg Sugar TR ETN
Current Price: 25.70
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
