Get out of POT today
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I was expecting POT to retrace back 20-30 points sometime this week. I didn’t expect it so soon. It has quite a run-up the past few days. Expect some profit taking to bring it back down. I have sold off my entire position of POT and expect a retracement back to the $220′ish level.
If you’re an investor it won’t hurt to stay in. If you’re a trader, get out and get back in on what I expect to be a retracement over the next 10 trading days.
I will be watching the Jan $145 Calls for reentry.
1 Comments on this post
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Josh Stevens said:
Great post. I just exited my position on your advice. It does seem to start a similar pattern much like April where it dropped over 20 pts. You’re trading this stock like a pro. Are you going to buy puts at this level?
June 19th, 2008 at 12:07 pm
