TQNT beat earnings back in July and raised expectations, and has been consolidating in this flag ever since. They make semi-conductors so they will likely be affected by the overall market action which has a positive news cycle right now, and also have a major component in the new iPhone 5C and 5S. Looking at the weekly, $8.30 is a big level with potential upside to $10-11 so I am holding until I see something in that area, earnings come out, or I hit my stop in the $7.60s. I'll update again as the trade progresses.
Update 10/3/2013: Sold half today at $8.46
Update 10/22/2013: Sold 150 more $8.93
Update 10/23/2013: Sold last $7.50 after hours (earnings miss)
Final Notes: I gave back a lot of profit holding that last 100 shares through earnings but I felt like gambling a bit. This was still a decent percent gainer and since it wasn't using much buying power it didn't really bother me that t took a month to make only a couple hundred bucks. This was just sitting in an account I never touch so oh well! Even though they missed earnings it was still cool to watch how fast the market reacted, as the announcement came out at 4:02pm and by 4:02:30 it had dropped 50c a share!
500 shares
+$169.57 (5.33%)
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2013-09-19 11:20:00 | TQNT | buy | $8.070 | long |
2013-10-03 10:02:10 | TQNT | sell | $8.460 | long |
2013-10-22 15:57:00 | TQNT | sell | $8.930 | long |
2013-10-23 16:11:00 | TQNT | sell | $7.500 | 0 |
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