Why I Sold JNJ Today (13% In 4 Months)
This is a Post from the Symbol Surfing Blog from Thu, Sep 13, 2018.
So I sold my shares of JNJ today at $140 for a 13% profit plus I received 1 quarterly dividend.
The trade lasted about 4 months.
To read the post explaining why I bought on Mon, May 21, 2018, click here.
This is the chart I was looking at when I made the purchase.
It's pretty obvious the stock was at the bottom of the long-term resistance.
This is the chart from today.
As you can see, the stock price responded like it did previously and bounced off of the support trendline and moved towards the top of the resistance line.
This reminds me of the stock market saying "The Trend Is Your Friend".
Why Did I Sell Today?
According to the trendline, the stock price should go up a few more dollars, maybe to $145.
I could have held on, but I felt like this stock had a nice run without any major pullback yet.
Also, it looks like there is a horizontal resistance at $140 price level.
I saw this firsthand as I watched the real-time chart today.
It tried a couple of times but never broke through that $140 level.
I placed a Good Til Cancelled (GTC) order and it was filled automatically an hour or so later.
I am definitely happy with a 13% return in about 4 months.
There's another saying "Don't Get Greedy".
Side Note #1
Symbol Surfing is not a "do-it-for-me" stock picking service or money management service.
It is a well-organized stock market research platform comprised of the largest companies in the United States.
My goal is to help other investors learn how to do their own research and make smart investing decisions.
I post some of my trades as a way to help me accomplish this goal.
Side Note #2
Also, if you buy $10,000 of the same multi-billion dollar market cap stock after me, it is extremely unlikely that your purchase will move the stock price at all.
In other words, I don't get any type of "boost" in my position from publicly posting a buy trade.
This is not true for the penny stock picking gurus online.
Penny stocks have a small float (number of shares outstanding) and they have a small stock price with small trading volume.
If you buy $10,000 worth of a penny stock, that could very well move the stock significantly and allow the person who you are following to get out with a nice profit while leaving you holding the bag.
It's called a "Pump And Dump" marketing scheme.
Not only do they make money on their penny stocks but they also make money on their stock picking service as well.
Regardless, if you decide to follow my trades, do so at your own risk.
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