this guy Moe from www.compak.com always talks about Elliott wave with fibonacci projections. ..... and he's been trading for 27 years
Yes you need to take money off the table if you reach a target. AT least half your shares should be gone at that moment. Letting your winners ride is a great saying but once something gets to target your calling yourself a liar if you don't take the money and let it get swiped back in the form of a sell off. So take off half at the very least. This is short term trading not long term investing.
MHC:NYSE is a REIT that just paid out an $8 special dividend. (With the expected price drop). The large div plays hell with the indicators, but I think I like what I see. Retirement Fund flows into REITs are still going strong and real estate wizard Sam Zell owns 3,495,032 shares. The value side looks good. They sell manufactured housing and HUD recently announced its "No Downpayment Plan" to create 5.5MM new homeowners in the next six years at the low end of the market. http://www.hud.gov/news/release.cfm?content=pr04-006.cfm I think this will be good for about a 4 point move in the short run and maybe better in the long run. What do you guys think would be the best way to exit this play to max it out? Bruce
No - but if you read my first post I said "You can always re-enter if it sets-up again." I look for a certain pattern above a Fib extension that signals a high probability continuation. That may not always get me a tenbagger, but it does allow for many doubles and triples. More importantly, I lock in the initial profit at the Fib extension/resistance, taking money off the table and keeping winners from becoming losers.
Not really - my accuracy makes for good company! For fun I work out, hang out in the city with my wife, go to the mountains, play with the dogs. Have a good weekend.
It's a no brainer to me ... sure, I'd sell. But ... I'm a trader and not an investor ... 10% in 3 days isn't too shabby.