Wednesday Evening

Market delivers a late surprise.

We saw a bit of a spittin' contest from D.C. on the FC issue.  Downside volume picked up into the close as traders decided to take some risk off after putting 100 points on the SP-500 since mid November.  Monthly expiry is Friday and we were due for a surprise this week.  Maybe that's what we got.

Wednesday Afternoon

Attention to detail on Air Force 1

Not a lot of rumors from D.C. in spite of CNBC's efforts to stir up something.  The market is resting today and that's probably a good thing.

Wednesday Morning - Realogy

Gator's Chart of the Day: RLGY

I saw Karen Finerman talking about this stock.  She's a fundie girl and she likes it so I'm not even looking at the balance sheet.  This is purely a chart play for me and it's the same Fitz IPO strategy we've executed for profits before.

The Trade
The theory is there is no resistance as the stock has cleared the short term high (39.77) of the initial offering.  It made that move on Tuesday.  The stock is above the upper Bollinger band so don't go crazy here but it should be alright to take a quarter or third of your desired position.  The stop would be a little below the 39.77 level.  If you keep your initial position relatively small your stop can be looser so figure how much you are willing to risk when you make that initial buy and set your stop accordingly.  You can continue to add if the stock continues to close higher than it opens.  Keep moving your stop up as you add.  Once you have your full position on it may be wise to stagger your stops such that the stock will help you with profit taking unless you decide to sell it all.