I could'nt have asked for more. Although the markets were weak early on. They stablised through out the middle of the day and then rallied powerfully in the afternoon. DECK broke out early in the day as I anticipated it would. However, in recent times I have been reluctant to buy break outs early in the day.
Instead I waited until later in the afternoon after the early morning frenzied buying had died down to see if DECK would hold above the $155.00 pivot level. I was convinced it would. So I added to my position in DECK by purchasing a SEP $150.00 Call Option. Initially I had planned to buy another SEP $130.00 Call but I had insufficient buying power. Hence I was forced to adjust my plan.
DECK eventually close the day up over 4% for the second consecutive day in a row and so I am very happy with my position. Therefore at the moment I have absolutely no reason to sell. My stop loss condition has now been adjust though. Instead of exiting on a break of the pivot low @ $140.00, I will now look to exit if DECK closes below the pivot buy point of $155.00 on heavy volume selling especially if the markets also confirm a failure of the rally attempt simultaneously.
For the time being everything is great and I continue to hold. I continue to see mounting evidence that the markets are near to an intermediate term bottom despite what the "experts" say. There are no surities in the stock market. Only probabilities and risk/reward. Manage them prudently and you will make money!
Good luck and good trading!