Jacobs Engineering Group (JEC) tanked hard with the rest of the market today. Although it outpaced the S&P's decline as the S&P dropped 3.6% and JEC dropped 6.46%. I do feel that it will continue to make its way lower towards 38% Fibonacci at $48.38, but with a 6.46% drop that has significantly outpaced the stock market's decline, I wanted to take profits on this right now as a sharp rally to get back on pace with the overall market can easily happen Monday. Plus, with options, I don't want too much meandering around before getting to my target as it can erode premium. The original trade setup is here. And here is the final trade result:
Closed JEC Aug 19 47.5/52.5 put spread at $2.53 for a 60% profit
Dun and Bradstreet (DNB) fell hard today as well, -4.9% at the close. I may regret closing this one as I do strongly feel it was too early, but with such a huge down day in the market I want to take profits where I could and this was the best choice of the other options available. With that said, I still pulled a 57% profit on this guy. This stock has the potential to move significantly lower, with the first stopping point $118.75, but potentially to 50% Fibonacci retracement and a prior 4th wave at $107.43. I'm happy with my gain though, so I will count my money and skip off into the sunset with it. The original trade setup is here. And here is the final trade result:
Closed DNB Aug 19 115/130 put vertical at $7.37 for a 57% profit
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PLEASE NOTE: THIS IS AN ELLIOTT WAVE BLOG EXPRESSING AN OPINION AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. TRADE AT YOUR OWN RISK.