Take Some Profit in SQM
Sociedad Química y Minera de Chile (SQM) is now up 11% from our initial entry point as of Friday, which means it’s time to take some profit off the table per the rules of our trading discipline.
SQM posted a stellar 12-times increase in net income for Q1 on the back of strong revenue thanks to higher lithium prices. The results pushed SQM to a new high on Thursday, and while the stock has pulled back today, this looks like a good place to book some profit.
I’m recommending that traders take 50% profit in SQM and raise the stop-loss on the remaining position to slightly under 83.50 (closing basis). SELL A HALF