The position in Adobe (ADBE) is long with an average price of $25.60. Currently, 30% of the full core position size is held. Previously, profits have been taken at an average price of $28.10.
Consider taking partial profits on a 5% tranche right here at $33.73.
This call is being driven by the big macro call that probability of market correction has arisen.
For your convenience, the following post that was published earlier on ZYX Buy Change Alert is being reproduced below:
CHINA LOWERS GROWTH TARGET
China has lowered GDP growth target to 7.5%. This is the first target under 8% since 2004. Initially, this announcement sent shudders through global markets, but now they are recovering.
This is not a surprise to us; subscribers to ZYX Emerging Markets ETF Alert know well that we have been projecting this trajectory of slower growth. This is simply showing that our long-term call on China has been spot on.
Stock market is vulnerable here. Also vulnerable are gold and oil markets.
Gold futures are at $1698, silver futures are at $34.30, and oil futures are $106.47.
S&P 500 resistance levels are 1368, 1380, and 1400; support levels are 1358, 1352, and 1348.
DJIA futures are down 36 points.
