I am still convinced that we are at or near an intermediate term bottom in the markets. Also I still believe that APKT is the no. 1 leading stock at this very moment. My big loss yesterday was due to me overtrading and to a large extent a whippy market. However, I still believe today what I believed two days ago and so I am trading accordingly.
I added to my position in APKT to bring it up to a full position. I decided to stay away from options this time as I can't place a hard stop with options. So I bought another 150 shares @ $28.10 and currently own 185 shares at an average of $28.10. My stop loss (a hard stop this time) is at $26.00 or roughly a 7% stop. My risk is therefore about $400.00 on this trade.
I am looking for a 20% move or a target of $34.00. If APKT gets to the target in more than 3 -4 weeks I will exit at or around $34.00. If however, APKT gets to the target within 3 weeks I will try to hold on for eight weeks or until APKT violates one of my sell rules. I am basically trying to execute a text book CANSLIM (with the exception of a confirmed up trend) trade.
Hoping for the best!
Good luck and good trading.
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