One more puff on Innovative Industrial Properties ($IIPR) (January 29, 2020)
IIPR
One more time on Innovative Industrial Properties ( NYSE: IIPR ); I don’t know, it may be more than one more time. Here’s the thing, if you have been following these videos, hopefully, you have been trading this and have made some good money.
Yesterday I mentioned that the stock pushed above the 200-day moving average, above 90.00, and so it was a good time to be taking profits. That’s what we did at Stock Market Mentor; I suggested taking some off, selling a little bit but keep the rest on and look for $100.00.
And so what I did today was, I had our members put a stop at about 89.50. And from where the stock closed yesterday, 92.40 or something like that, you are giving it about 3 percent. You are rising 3 percent of a give back by keeping a stop just a little bit below $90.00, which would be a logical level for people to be buying IF they are going to buy, so you keep the stop a little bit below there just in case they are not. That allows you to stay in the trade and maybe make more money. I am looking at volume, lower than average volume today, which is a yellow flag, yesterday, really good volume on this move. So you really need to start looking at the price now.
I would stay long the stock. Sorry, it is too late to buy; there is no way I would buy any more shares here, you are just missing it. Even if you make money on it I wouldn’t say it’s a good trade. But if you are still long this stock I think it is a good trade to hang on to because I think you have a chance to make a little more money. And even if it runs up to $100.00, it doesn’t seem like much, just right up there, but that’s another 6 percent, that would work for me.
That’s how I am trading Innovative ( NYSE: IIPR ) and we will just kind of follow this all the way through. From the feedback I am getting from people you like it when I stick with one trade as opposed to just moving around and finding a different shiny object every day.
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