Manage your trades today If you are in these shor

Manage your trades today

If you are in these short positions, $AKS which was a short at $5.87, $CAT which triggered first entry at 86.15 and second entry at the pierce of the 50 DMA at $87.35, and SBUX at $49 bucks you are now in the money on all trades.

The first thing you should have on these trades is at the very least a break even stop. None of these trades should be allowed to turn into a loser. The second thing you need to watch for is a point where you can lock in some profits. My standard play is to take half off when I hit my first target and then let the rest run with a break even stop.

Today is Friday so we are probably going to get light volume and could see some retrace activity. However, we should see some more continued selling next week. CNBC is talking about how today is the 25th anniversary of the 1987 crash.

I think that the markets are being held up ahead of the elections and that it will get absolutely terrible afterwards. That doesn't mean I plan on just holding my shorts until "it happens." I will take my money off the table and watch for another bounce to short for the next leg down. That's how you play it safe. That's still a long ways off though, so just focus on what is in front of you, 3 trades that are in the money that could make you some more money next week.