9:50 a.m. (EST)
I have a Profit Alert on a trade that I was hoping would keep momentum but didn’t. Although I’m disappointed that the trade was stopped out, I will keep the stock on my Watch List for a possible re-entry point.
Weekly Wrap Portfolio Update
Avanir Pharmaceuticals (AVNR, $11.50, down $0.99)
Original Entry Price: $11.70 (9/15/14)
Lowered Price from Selling Options: $11.70
Exit Target: $15-$18 (Set Limit Orders to close half the trade at $15)
Return: 1%
Stop Target: $11.85 (Stop Limit)
Action: I wanted to see $12 hold as support on a backtest, but shares opened at $11.59. They have traded up to $11.99 while testing a low of $11.31. The Stop Limit of $11.85 has triggered in the chaos.