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I had bought Tableau Software on the May 8 gap-up...and I was up over 17% from that point going into earnings. I like to have at least a 10% profit cushion going into earnings or I sell. I've been bitten by earnings disappointments too many times.
Well, this morning, I woke up to find DATA gapped down and my 7% stop-loss triggered, breaking one of the CAN SLIM rules: never let a significant gain turn into a loss. Upon reflection, I should have raised my stop loss as my profit cushion increased.
Lesson learned...too bad most of the lessons with stock investing are costly ones.
IBD presenters have noted they like to have a 10 to 15% cushion before they hold through earnings. At 17%, you would hopefully be fine, but did not work out that way. Maybe more prudent in these choppy times to lock in profits on 1/2 your holding before earnings, and sell other 1/2 on bad earnings, or buy back sold half on a nice gap up.
We are all in the same boat..." Welcome to Wall Street"
True, and unfortunately our boat is on a rollercoaster ride.