Quote from JoshDance:
stop to 50 on final unit, almost certain to stop out unless it really spikes here, but don't want to risk missing +4 to gain another +6 which is already a bit optimistic
out at 50 for +3.76 per unit
I really would like to stay in, but with Greece news pushing this up and a failure to push higher than the consolidation centered at 51, I think the market may have to auction lower to find buyers again, OR more credit swap news must be released. In other words, after such a big drop yesterday there may need to be exceptional news to drive this to my target of 58. A revisit of 46/47 seems likely unless we get more miracles from Greece.
Of course, it's possible the market will just be technical and stop here and keep going up. Hard to put a "safe" stop without giving up more than 50% here though. 49.50 is yesterday's high, and below that we just have VWAP at 48, and the origin of the breakout takes us all the way back to the 47 area. Not much worse feeling for me than to be +6 in the money, and then get stopped at BE.