I took some profits on Quality Systems (QSII) last week but rather than correcting, stocks now just sit...rest... and then breakout on top of old breakouts. This is what is happening in QSII today.
I sold in the $65.50s hoping to buy back in the $62s (which at the time was where the 20 day moving average was)... I missed my repurchase by about 30 cents as the stock fell to $63. It happens.... but my error for not moving my limit purchase order up to the 20 day moving average a few days after I entered it, because this is exactly where the stock fell to.
With a breakout over the obvious resistance of $66, I am adding back a 1.25% exposure today in the $67.60s. As long as $66 holds, this reasoning for this addition should hold.
Long Quality Systems in fund; no personal position