UPDATE ON STOPS AND NEW BUY
Wyckoff SMI Pro Trader Trade Update
By Todd Butterfield
General Electric continues to selloff in dramatic fashion. We want to now lower our buy stop on short position to $18.88. We have stayed short from $28.91 while this blue chip has fallen apart.
Wingstop has also taken off to the upside as expected currently trading $39.86. We are long from $32.77, and want to raise the sell stop to $36.00
Lumber Liquidators has fallen off sharply since we liquidated our long position @ $38.71. We are going to reenter a long position here at the market, current price $28.86. On this position we will use an initial sell stop at $24.34.
We are still short the TLT at current prices of $125.08, and would like to add to this short in the near future.
We had mentioned buying Overstock (OSTK) a few weeks ago, and it has quickly run to the upside. We are still thinking this is a good long term holding that we will try and get an entry on.