Wednesday, August 08, 2007

Trade: UA

I sold 400 shares of UA at $69.10 (entry at $63.65) for a $2180 gain (+8.56%).

Considering the stock closed at $66.68, I can understand if someone reading this rolls their eyes at what looks to be perfect timing for exit. Please note that I left a comment regarding the exit in the the previous post (I did not have time to create a full post at the time).

I had two reasons for exit. One, the stock was right at my initial target of $69-70. Two, There was not enough volume in the stock or the market to think this was a momentum breakout that would lead to more upside. This is also the reason I added to my MS short.

I still like the stock and it currently resides at the top of my primary watchlist. I will likely enter if we get a little more of a pullback.

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