Wednesday, May 26, 2010

APKT breakout!

After gapping up this morning, APKT blew past the pivot point on massive volume. At that moment I added another 5 AUG 10 $22.50 Call options @ $6.80 per contract. Now I am net long about 580 shares.

If the break out fails, I will be looking to exit my entire position around $26.50 (ie. a 5% stop from the pivot point). However, if APKT holds above the $28.00 level and the markets continue to act well, I will try to add once more on a pull back and continue to hold the entire position until APKT violates a sell rule and/or I start seeing setups with better risk/reward and higher odds or working.

Good luck and good trading!

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