Stone Fox Capital used the jump in DKS share prices this morning on the back of the JCP bullish news to lighten up on 40% of our shares at $20. The stock is overextended having run roughly 20% above the 20ema. The story is still strong so this is definitely just a trading move. At this point, we'll likely look at the $17 range to re enter a full position.
Morgan Stanley (MS) on the other hand had a rather disappointing Q. After the strong results from Goldman Sachs (GS) we had expected MS to report strong numbers. Instead they missed by a huge margin. This was partly due to credit costs, but the CEO also mentioned cautious trading operations that evidently missed the market opportunities gained by GS and the ML unit of BAC. We didn't buy this stock for them to be cautious so we exited the position as the stock looks like it wants to breakdown.