[Placing Stop on Alon USA Energy (ALJ)/Sell Stop at $30.70/Good 'til Cancelled]
Dear Member:
Expect a wild day today with lots of volume, particularly in the last hour as the Russell indexes go through the annual rebalancing.
Alon USA Energy (ALJ) has moved well since I bought it 9 days ago. I would like to try to protect some of my profits so I am placing a stop to sell the stock if it goes below $30.70. It still looks like it can move up, but in case it retreats, I want to keep some of the gain. I bought it at $28.68 so if sold at $30.70, that's a 7% gain before commission in a short time.
If I don't get stopped out at the $30.70 and the stock continues to climb, I'll be moving my stop up behind the move.
DISCLOSURE: At the time of publication, I own shares of ALJ.
Sincerely,
Bill Kraft
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