After our report on ARUN's pocket pivot on 8/25, it hit new highs today. Since it had bounced off its 50dma, today's new highs represent a second buy point for the stock. Note, the value of the pocket pivot is that those who bought it on 8/25, then buy a second position of equal size on Monday at the open, assuming the opening price is about where the stock closed today, their average cost would be around 17.60, thus would have a cushion in the stock, and a pretty sizeable position. Should the stock get pulled back in due to a continuing weak market, the sell stop loss would be less than had only one position been initiated at today's closing price.
ARUN follow up
|Published:||28 Aug 2010 05:00 ET|
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