Charles Schwab Corp. (SCHW) met our $48.50 per share upside target this morning, first mentioned in our November 21st Asbury Alert entitled Charles Schwab (SCHW) Resuming Its September Advance (access requires subscription), to capture a $2.90 per share, 6.4% advance 6 trading days.
SCHW outperformed the S&P 500 (SPX) by 3.7%% during the same 6-day period.
Note that price targets being met do not necessarily mean that the directional move is over — only that our initial expectations have been met. Also note that we are not short term traders. The average time period from the introduction of one of our ideas and it meeting its target or being stopped out is more than 2 months. However, sometimes — like in this case — our targets are met quickly, and when they are we suggest at least taking a partial profit on the position.
Here is the chart that appeared in our November 21st report.
Here is the updated version of that chart through this morning.
We publish these notifications for 3 reasons:
- to let Asbury Research subscribers know when to consider taking profits on existing positions,
- to let non-subscribers track what we are doing in the market, in real time, and
- to make everyone aware of a potential upcoming price reversal as price advances often end as upside targets are met and more savvy investors take profits.
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