Today's action during the normal trading session followed through with last night's push through the upper rail but then quickly fell back to the bottom rail in a clearly motive move. So much for fundamentals! Profits are up 20% but today this pig closed down 2.5% in an intraday reversal during what was a strong up day for the broader markets.
As I said, when good news is punished after a long run up, it's time to GTFO of a stock. Trees will not grow to reach the sky.
Having said that, green 1 could turn out to be blue w3, green 2 could still turn out to be blue 4 and we could still be working on blue 5 with one final higher high yet to come. But if you are counting on that then you better set stops below today's low and you also better be aware that the next move down could be a gap. I'm personally hoping for one higher high so that I can get the Jan 2018 $60 puts for $1.40-$1.50.
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