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Thursday, February 02, 2012

CPST Setup

I held CPST in my IRA account in the 1.20's since Janurary of 2011.  I exited the majority of my shares at 1.67 and again at 2.00.   I held the remaining 1,500 shares and forgot about it.   Today, Fly surprisingly initiated a position on it for earnings play.  I took a look at the chart.  No wonder: it took out the 8 month neckline today.
The full blown target is 1.75 area.  The first target, though, is my favorite 123% Fib extension target of 1.40.  I'd add on retest of the neckline around 1.30 area.