If you remember my post from some time ago where I said that KORS lives within a long term band and bounces of the boundaries. I also gave a $72-$73 target before the stock should start building a new base.
Well, the stock reached $72.98 on Aug 13 and got resisted there and is now tripping back. There is a chance it will revisit the upper boundary again but will likely be resisted there. There seems to be a correction coming which might clobber the stock. So I took my profits at $71.6 yesterday as the price action confirmed my estimates. I held from $60.3 and $61.5.
Sometimes stocks can give you a better price by revisiting the upper boundary once again in several days (by that time the resistance moved higher). It happened with another stock of mine - LNKD. It reached $238 on the earnings day only to be resisted and started mini consolidation. But within a week revisited the boundary when it already was at $244. And got resisted again.
My reasoning right now is that limited upside/big downside and potential market correction are not good risk/reward ratio.
This is just my opinion so please use your trading technics to determine your buy and sell points.
If this gets clobbered as you say, it'll be there to pick up the pieces! Love to get back in around $65-66 but not so sure it's going that low unless the overall mkt. tanks but you have to act fast cause this will NOT stay cheap for long!
You can never go wrong taking profits. It looks like some turbulence ahead for the markets. KORS is taking market share, and will report another stellar quarter in November... Nobody really knows where the stock will trade. But, many people spend a lifetime trying to figure it all out...