CBS - taking profits - for now

Just like H.I. McDonough in Raising Arizona, I'm taking my goods and running.

First, let's look at the chart then I'll explain why.

After a LONG AND DRAWN OUT PULLBACK, almost hitting my stop, CBS finally has come back around.  I sold my option today for a profit of $0.30, which was 13% ROI.

That's nothing to write home about, granted.  But I do think this stock is going to go higher and hit the target of $32.80.  The reason I got out today and took my profit is because tomorrow is Friday, the day before a long holiday weekend.  July 4th is Monday and the markets are closed.

The BIG MONEY gets sketchy over weekends, especially long weekends and they pull their money out of the market.  They do this because having a 3 day weekend gives the universe in general one extra day to lay some mishap on the world and wreck havoc on the markets at the open on Tuesday.  The last thing BIG MONEY wants to happen is to be doing good on Friday only to have something bad happen over the weekend and Tuesday morning we open with a big gap lower in the markets and now BIG MONEY is in a bad spot.  So, they simply get out on Friday - usually around noon or earlier.

When BIG MONEY gets out of the market, then prices will usually go down (i.e. lots of selling pressure because not enough buyers vs. sellers).

So, my plan is simple.  Take my profit now, and look for a re-entry next week sometime and ride this trade up to it's target.