The stock proceeded to rally in a 45 degree angle all day and actually breached $44 late in the session... so if I had waited a few hours I could of made an even more strategic entry. Either way I was targetting $38 for a downside level to take profit. Since I have a very quick profit (2 sessions) I am going to take this money and run as the stock hits $38.30s. When profits come that quick, you just have to take it in this type of market where a CNBC rumor monger can make the market reverse action at any moment.
This was a 9.5% gain with 3% of our portfolio. This was an especially satisfying trade due to the government/CNBC trying to pull a fast one with their bad bank hype... this offset the Goldman Sachs (GS) bum rush I received. I still have the minor long position in JEC.
The first round of this stimulus plan through Congress is such an affront to infrastructure spending....and the American people as a whole.
Long Jacobs Engineering Group in fund; no personal position
