BBY – Best Buy (Last:22.94)

We hold 400 shares @ 22.85 purchased yesterday without a stop-loss.  I’m now recommending that you tie the position to a fixed stop at 22.69, exiting half for a partial profit if 23.80 is hit first.  We’ve traded this stock from the long side and the short in recent months because it has been quite volatile. _______ UPDATE (10:30 a.m.):  BBY has gotten a nice bounce from yesterday’s lows, but because it has turned heavy at these levels,I’m recommending the sale of half the position now for around 22.43. _______ UPDATE (April 17, 2:33 a.m. EDT): With the sale of 200 shares for 22.43, we’ve lowered our cost basis on the 200 shares that remain to 22.27.  For now, use an impulse-leg stop based on the 5-minute chart. At the moment, that would imply exiting the position on an uncorrected downdraft touching 23.32 (see inset, a fresh chart).  _______ UPDATE (3:35 p.m. EDT): As planned, we exited at 23.31 for a theoretical trading profit of $210.  The stock subsequently rebounded more robustly than the market as a whole, and although this is ostensibly bullish, we’ll stick to our discipline and not look back.