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Apr 02

Exiting Long Michael Kors ($KORS)

We finally got stopped on $KORS with today’s close, I say finally because it’s been 2 or 3 weeks now we’ve thought it likely as it continued to flirt and rebound with our stop level around $55.

Michael Kors ($KORS) -8.3%. Original 1/27 entry post here.

Today was a pretty clean break, on increased volume, and this thing just doesn’t have any excuses anymore. No matter what people say, whatever its earnings growth is, or whose market share it’s stealing, it doesn’t matter, price is telling the real story, and it’s telling us to get out. If it’s a false break of an obvious level and it comes roaring back, that’s great, we’ll happily ride a new uptrend, but for now we’ll take our loss and step aside. As always, we’ll take the next day’s (Weds) open as our exit. As of Tuesday’s close we were -8.3% on the position.

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