We wanted to send out a reminder on a trade that has closed for our Weekly Wrap. We set limit orders to exit Newpark Resources (NR, $7.87, down $0.08) at $8 which was reached yesterday. Although our gains were a little light, we still made a profit so we can’t complain.
We could have one, possibly two NEW TRADES, for the Weekly Wrap over the next couple of days to replace this one and another one we are considering closing. For 2012, our Track Record is now 27-0 and we were 16-0 in 2011.
Subscribers, check the Weekly Wrap Premium sector for the update and more comments.
Newpark Resources (NR, $7.87, down $0.08)
Original Entry Price: $9.45 (7/27/11)
Lowered Price from Selling Options: $7.85
Exit Target: $8 (set limit orders to exit at $8 or better)
Stop Target: None
Action: We set limit orders to exit this trade at $8, and as a reminder, the trade should be close as shares traded to a high of $8 yesterday. There is a chance shares trade to $10 in 2013 but we gave this trade ample time and we are moving on. Although our return wasn’t what we expected, we would rather take a slight profit and move on to a more solid idea. Our Track Record for the Weekly Wrap is now 27-0 for 2012.