[Placing Stop to Sell on US Shipping (USS)]
Dear Member:
US Shipping (USS) has accumulated a fair amount of profit since my entry not quite two weeks ago. The stock price is approaching an important resistance level in the area of $12 so I want to try to protect some of the profit in case the stock can't break through resistance. I am placing a good 'til cancelled sell stop order at $11.58. If the stock drops to $11.58, my stop will be hit and I will automatically be sold out of the position. If the stock is sold at that price, I would have a 3% gain before commission. With this action, I am attempting to give the price movement a little breathing room while hopefully locking in at least some profit.
DISCLOSURE: At the time of publication, I own shares of USS.
Sincerely,
Bill Kraft
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