2:15pm (EST)
We have a Trade Alert for our Weekly Wrap for one our current positions as our Stop Limit has come into play. We said coming into the week we wanted to reduce our exposure where we could on a pullback to stock pile some cash and to look for new ideas.
We still believe there is 1%-2% upside over the near-term for the bulls but the bears seem eager to do some damage as they awake from a long winter nap.
Our Weekly Wrap Closed Trade Track Record for 2014 is now 11-2 (96-9, or 91% win rate, overall since the start of 2011).
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Current Trades
Biodel (BIOD, $3.15, down $0.13) Stock Trade
Original Entry Price: $3.25 (2/25/14)
Lowered Price from Selling Options: $3.25
Exit Target: $6+
Return: 0%
Stop Target: $3.25 (STOP LIMIT)
Action: Our Stop Limit was triggered this morning after shares opened at $3.26 and have trended lower throughout the session. We still like this stock and may try to get back in at $3 or lower but for now we wanted to protect ourselves from an overall market pullback if there is continued weakness.