Tuesday, May 18, 2010

New Position

After waiting for over two weeks, I have finally taken a long position in APKT. I used the 15 min chart to enter off the break out from a bull flag pattern @ $25.91 with a stop loss below today's low @ $25.50. I bought 200 shares. So I am risking about $92.00 including commissions on this trade. My target is $27.50 just off the previous 52-week high.

However, I believe that APKT has potential to move alot further should the overall markets move into a confirmed uptrend. So if APKT can break past previous highs of $27.75 on heavy volume and hold above that level then I will look to hold onto my position for a position trade.
In the meantime, however, we remain in a correction. So I will be quick to exit if I see continued weakness in the markets.

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