We will follow the AAP team out of this energy position.
We are up significantly in the position, and it's prudent to take a profit.
It is below our cost basis, and we see upside.
We expect a catch-up in the stock price later.
We'll trim Goldman Sachs and build newer positions in Walgreen, Microsoft and 3M.
Retail loses ground, chips hit a two-week high, and a China ETF tests a swing high.
A sale of out-of-the-money premium could compensate for the lack of catalysts.
Still, we believe the setup is favorable going into the fourth quarter and beyond.
And we'll get back into a diversified industrial name.
It's range bound in the near term, but watch for earnings in September.