Taking profits in Cree (Nasdaq: CREE) and Nexxus (Nasdaq: NEXS)

June 21, 2007 on 8:17 am | In Short Term Updates |

  • SELL ½ position NEXS near $6.28
  • SELL remaining ½ position CREE near $26.05

The LED sector has had a tremendous run over the last month. Considering the recent market volatility we think this is good time to take some profits in this sector. This trade closes out our position in CREE and reduces NEXS to a half weight position. We will continue to follow CREE and will likely be buyers on any significant pullback.

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  1. The market has been rather hectic the last few days. We sold shares of NEXS yesterday, but this time we forgot to post the NEXS trade until this morning. We always try to update our recommended trades as soon as possible, but this time we forgot about NEXS as we were trying to buy some option protection for our other long positions.  Sorry for the delay.

    Comment by wallstreetmayhem — June 21, 2007 #

  2. Way ahead of you, already took profits on both of these about 2 weeks ago. Made a little more on CREE and a little less on NEXS. Overall, these were fantastic trades.

    Comment by TraderJoe — June 21, 2007 #

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