28Nov10:19 amEST

Locking in Some Fast Gains; Chess Moves

chess_6_700 With energy stocks immediately getting pounded after my ERY purchase on Wednesday (ERY is the triple-short ETF for the energy sector), I find myself up a large percentage move in a very brief period of time. As a result, and due to the XLE gapping free and clear below its daily chart Bollinger Band (below), thus rendering it quite oversold short-term, I elected to take partial profits in my ERY long. I reduced by 4% ERY portfolio position down to a 2% portfolio position, selling at $21.66 from my $18.32 entry discussed in this blog post. I raised my stop-loss to that $18.32 entry to ensure the trade does not turn into a loser. This is a big move right off the bat for the trade, and I am more than open to the idea of adding back to it. Nonetheless, due to the holiday trading and headline risk to energy and energy stocks, I am going to trade around it. XLE

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