Here is the reasoning behind the UA trade trade I made today:
It is startling just how well UA has performed in the midst of the current market conditions. What if UA had reported earnings in a good market environment? This explosive move leads me to believe the stock will fly if and when the market moves higher, so I entered on the pullback off highs early in the day. As I’ve explained many times before, I am not a stickler for entry points. If I were more patient, I could wait for a pullback to the breakout point, around $61-62. However, I don’t want to miss the next leg up, so I’m in at $63.65, which is still a good 3-4 points below the recent high.
On a personal level, it’s always fun trading stocks I support. Not only do I wear Under Armour gear when I lift weights, Vernon Davis is featured in their commercials. He’s the tight end of my lifelong team, the 49ers. Those of you who play fantasy football, I advise you to draft him as your tight end. I guarantee better success than my MT trade 😉