Booking Profits, Star Scientific Inc. (STSI) Update

The calls positions updated last post have been sold for significant short-term profits, while the shares remain (currently up over 15%). 

We'll raise the noted stop up to $66 and if $70 is hit we'll sell at the market. 

At the same time we'd roll the profits into the inverse, TZA, circa $20. 


On the morning of October 08 we wrote about Star Scientific Inc. (STSI):

"Note the year-long downtrend broken and the current consolidation around $2.00  Typically such a pattern eventually continues upward."

By the following week, the stock was up over 33% ! 

Some have written us to say they booked the quick profits.  Congratulations!  Others have written to ask if now's a good time to buy for those who were too slow earlier in the month.

For us, the answer is "yes".  The technical pattern obviously resolved upward as expected, and longer term we hope for an upward trend to establish itself and last awhile.  The company may even prove innovative and successful. 

As we noted originally this stock is highly speculative and there's much controversy surrounding it, so we're only concerned about the technical picture.  Here it is, updated:

It's safest is to sell if STSI starts closing below the red uptrend line, say below $1.80 to offer some leeway to the September 27 lows.  We'll likely hold ours longer-term regardless. 



 



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