JC Parets is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.
Eagle Bay Capital Founder JC Parets suggested that traders "stay away" from Facebook Inc FB following earnings. The stock, which reported better-than-expected results was trading lower by nearly 3 percent Thursday afternoon.
Parets said that he liked Facebook "for a long time," but his $100 price target was basically reached before earnings, causing the firm to go flat. Facebook's 52-week high is $99.24. The stock recently traded at $94.43.
After your objectives have been achieved, Parets said that it is a "lack of discipline" that will keep you in the stock. "Yeah, I think you should stay away," he reiterated.
Parets later pointed out that the opportunity cost is too high to stay in stocks when objectives were met. The question of whether a stock is going to break down or break out is too hard to answer; instead, he recommended that traders go find different opportunities.
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