GALE/QCOR Pair Trade

Last Wednesday I updated the GALE/QCOR pair trade idea from Feb. 2 GALE (long) was at $1.57 and I suspected it had more room on the upside. Take a look at GALE today.

So we have another 21% gain in GALE since last Wednesday and about a 164% gain in GALE since the idea on 2/2.

QCOR is the short in the pair trade, it's still working its way down a trendline...

Here's the premise of the QCOR short...

A break of support and then a target around the long term trendline near $20, GALE is the long hege for this trade, but at this point is certainly working well.

 I'd be tempted to take some profits here, this is a tight intraday stop.

 This is a bit loser if you want to give it more room or take partial profits and leave some to run.

 This daily has held the entire uptrend, a move below this and the GALE portion of the trade is over, but the QCOR should be working well by then as they are both biotechs.

You could take some profits and look to reposition on a pullback to the blue 22 day moving average on the X-over screen, which remains long.