Professor’s Comments closing update August 1, 2013

Posted by professor  at August 1st, 2013

I was stopped out of my Rifle Trade on SLB for a profit of $1 45. The trade still remains open on the 60s as they continue to remain Green.

My other Rifle Trade, TBT, now at 77.94, still remains Green on the 60s. I took a few bucks off the table with this trade yesterday when it hit my target, even though the PT indicators remained positive. If you follow the rules, this Rifle Trade still remains open.

I remind you that tomorrow morning at 8:30am, before the market opens, the BLS will be releasing the all important Jobs Report. In view of this potential market moving event, I DO NOT want to give back any of my profits. I would rather not participate in a potential rally if it occurs, than to give back any of my hard earned profits. I learned a long time ago that its far better to take a few bucks profit off the table prior to the Jobs Report, than to keep my money at risk. It just seems that whenever I put money at risk prior to this announcement, I get burned. That’s why I’m protecting my profits now.

There will always be another trade….

As a matter of fact, I’m starting to look at a short of World Food Markets, WFM.

h

Not sure of the terminology we use? Check out these articles

The Hockey Stick Pattern
The Creation of Waves and Trends

All of the commentary expressed in this site and any attachments are opinions of the author, subject to change, and provided for educational purposes only. Nothing in this commentary or any attachments should be considered as trading advice. Trading any financial instrument is RISKY and may result in loss of capital including loss of principal. Past performance is not indicative of future results. Always understand the RISK before you trade.