RACK opened up at 13.57 and peaked at 14.13.
I am loving the action in this stock and I do think its going to go higher. On the other hand, I also want to make SURE and protect my gains.
I put in a stop at 13.09 to sell everything. I figure if it goes below that it is going to go even further probably 12.65-12.80 and i can buy back in then.

AAPL announced new macbook pros. The stock didnt do much but it has been EXPLODING recently. I bought in AAPL at $85 in mid February and now its over $120. I sold half my shares at $118 but im letting the rest ride. On 6/29/07 the iPhone come out. Thats why there has been SOOOOOOOO much hype. I plan on shorting AAPL closer to the iphone release. If it gets to 128 I will sell for a 50% gain. TAKE IT AND RUN!
Then I will switch to a short position because I think the market will eat AAPL alive when the phone comes out. Buy the rumor, sell the news. Everyone knows that... but rarely does anyone act accordingly.

The plan is to buy shares of RACK for 2 reasons. Its ALL time low is $11.15 which occurred right after its IPO on 7/8/2005. From there it exploded and peaked at $56 4/7/2006 (9 months). It has now come ALLLL the way down to a new low of $11.25 because of increased competition, managerial shuffling and a slight decrease in revenue. Increase competition is probably the most influential reason for the downturn. There is speculation that it might get a takeover bid and unless it breaks below its all time low, Idont think it is going to go any lower. I plan on buying shares of rack @ $12.15 or better. Friday's close was at $12.09. If it goes up I will add to the position, if it goes down I will buy more at support levels.

The first support is at $11.50
The MAJOR support is at $11.25 and I might even buy more there with a close stop at 11.05.

The first major resistance level is $13.16. The next is at 15.95. This would be the ideal selling point for almost a 30% gain.

The stock is up 100% over the last year, but I think it is going much higher. I am going to approach this company as a spec play, which means I am not going to have as large a position in it as the other SOLID companies I trade/own. The charts look beautiful. MACD convergence, bouncing hard off the 200 and the 50 day SMA . I think it pulled back because of its large run and its ready to move again. The 200 is laying at $4.80. I am going to try to buy as close to $5 as possible.

Dorfman and I watched The Inconvenient Truth last night. It really got me thinking about this trend of minimizing energy consumption.
One stock kept popping into my head. its a company I traded back when I first started trading and had given up on. Like many of my past trades, I was just too early. The stock is MAG-Magnetek Corp. They manufacture power converters that help minimize energy consumption. These guys invented elevators that charge themselves on the way down, and use the energy on the way up. This is smart, this is where the trend in energy savings is going, and these guys are on top of it.

This was one of the best concerts ever. So much different from other concerts because it was all acoustic.

I had to sneak my camera in to get this shot. Totally worth it.

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