Tuesday, March 30, 2010

Correction to last post...

I made an error in the last post. CNAM will not report earnings until after the market close tomorrow and not today.

In the mean time, CNAM continues to perform very well supporting my suspicion that a blow out earnings announcement may very well be around the corner.

Normally I would stick with my original stop loss. However, CNAM has been up by almost 3X the amount I am risking on this trade for the day. So what I have done is to move my stop up to $9.30 (below intra-day support) effectively locking in close to two times the R on this trade.

I know I am gunning for a much higher R profit but anything can happen after a stock has risen 10%+ for a day. It can follow through but it can just as easily reverse hard like SPU did. So just in case the later happens I moved up my stop loss to lock in some profits.

Besides if it is going to move higher it should blast higher with out looking back!

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