Taking Profits in Sprint (S) 104% gain on this trade!!

104% up on Sprint in the past 8 months! Not a bad trade. Got in on this around December when Sprint added the iPhone. It has been nothing but up from there. After beating on earnings a few days ago Sprint has formed a good exit point on this trade.

It is a good point to bring up that I think Sprint (S) is a great stock poised for long term investment growth over the next several years. The combination of huge subscriber growth on lower than average prices and unlimited data plans will lead to revenue gains in many quarters to come. But my strategy is not about the long term investments. I'm in the trading game and I think I may have found some other opportunities that present a bigger quick win opportunity.

The chart told a good story back in December as a solid support level was established near historical lows for the stock. The stock rode that support level for several months before subscriber numbers began to forecast huge growth. Sure enough, with a huge beat a few days ago the stock gapped again forming the solid exit we have today.

I am selling my Jan 2014 $1 Call to free up some cash for a new opportunity that has presented a quick win opportunity.

Thanks for reading!

Straight from the Chart 

Disclaimer:
Just to be clear, nothing that I'm posting on this blog is in any way advice that should be followed by anyone else. All investment decisions should be made carefully by all individuals taking into account their own financial situation and appropriate levels of risk. Do not take anything I say for anything more than it is, opinion, speculation, and woefully undereducated guesses as to how I think a few stocks are going to perform.