I'm splitting the stop between two positions. One very close as if this was a swing trade and I expect it to roll over. I'm in at 146.15 and I'm going to stop half out at 152.50. That's a 4.3% gain if I'm stopped out. With the second half I'm going to drop the stop back far enough to make a little but to withstand a fairly strong correction and still run with what I hope is an up-trending market. Probably about 147.39
So I'm squeezing some profit just in case this is it and hanging on with some deeper down in case the trend might continue after a pull back.
In the chart below you can see my concern, SPY has spiked up, formed an ugly candle, right up against the trend line. I might even look for a buying opportunity near the bottom of the channel.
Edited by Sentient Being, 19 September 2007 - 05:31 PM.