Bought last week on the strength of weekly chart (very bullish) and gap support on daily. I mentioned that my first target was $42 and when we had the 12% plus gap up today I felt it was too much of a gift to pass up and unloaded my entire position. Often times when a stock gives me a 10% or more gain in a very short amount of time I’m quick to take some profits off the table. Given we haven’t made a new high on today’s more, I think there is still a chance today’s gap could close. (see 2nd chart for intraday view).
My fill today was at $43.30 and I’m more than content with this trade no matter where it goes from here. Don’t ever get into the what if game and second guess the times you sell too early. I believe I held this for a total of 9 hours in the market trading and it’s important to not let quick gains like this disappear in this stock pickers market. We are not in a “rising tide lifts all boats” market just yet, so banking profits is one of a trader’s best defensive plays, even if we sell too early sometimes.
One final interesting note is the number of biotech stocks on my Finviz screener: ACHN IDIX INHX VVUS