Preservation of capital time.
I knew this meant AZO would pull back and would not breakout today. As my call position depended on a breakout today or at least movement toward that direction, I knew I needed out. So I got out at the open. I used to the increase in Vol. to get a better price and got out at .60 for a very small loss.
Likewise, I decided to get out of RFMD. There was a bid Pre-market that I felt would be at least .10 higher than it would open so I hit it and got out at 9.47.
RFMD is a position I've had for several months and the chart shows why:
I bought at $7.47 on March 5. and sold @ 9.47. So I end up with a 25.8% gain on the trade. Obviously, there was a very nice trend. I got a little hesitant as there was a lower high. From a fundamental side, RFMD will soon be merging with TQNT the new company will cut a lot of overlap and it will be an interesting one to watch. That being said, I would anticipate that there may be some "final period" issues that will be reflected in quarterly earnings and growing pains as the companies merge. I don't see this position as one that I would be able to hold to next march without a substantial risk of a pull back. For that reason I'm outta here.