It's Profit Time: UPS
It looks reasonable to make at least a partial profit taking from our UPS (United Parcel Service) short position, which we shared on August 9. This tactical sell trade reached its first price target area at $166-172, last seen in May and June 2023, which was indicated in the idea. A retest of lower levels is possible, of course, as the company's latest quarterly report was rather disappointing. Yet, more than 6% of a price decline has been over since that time, so that a further drop of the stock is more likely in combination with a descent of a broad market, if it would take place. Yet, there is still a lot of uncertainty on this matter while most investors are awaiting comments from the Federal Reserve's Chair Jerome Powell at the Jackson Hole annual symposium on August 25 to see the next S&P 500 move.
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