This market doesn’t have a clue what it wants to do right now. When breakouts fail (KITE, ZIOP) it tells you that the market is tentative.
Yesterday I put KITE on the P&L at 62.75. Today it traded pennies from 68. If you are one of my traders, you took the profit. I am a swing trader so I stayed long. I did however send out an email alert that I didn’t like the action so I raised the stop. Its choppy now, so caution is key and I’d rather take tight stops than bigger ones.
I get a lot of emails about your stock positions. What should I do about this one or that one? Email me anytime. If you ever feel hesitant about a position and its making you nervous, sell it or reduce exposure. The market shouldn’t make you feel ill or make you loose sleep.
Right now the trend is choppy, so trade much smaller and if need be, tighten your stops or just go to cash and wait. We have positions on the P&L that I am watching like a Peregrine falcon.
See you in the morning.