Arconic Inc develops and manufactures engineered products and solutions for the aerospace, industrial gas turbine, commercial transportation and oil and gas markets.
So yeah, I'm pretty happy about this holding. Up 10.93% after reporting. It was an auto-acquisition for me when it spun off from Alcoa, AA.
Holding with 22.5% combined gain (with AA) thus far. Thinking it should not see stopping action until the $27-area based on an assumption that the demand bar represents 61.8% of the total move up on this swing and that its compliment (1 - 0.618 = 0.382) remains in the move. Edit: A subsequent 38.2% retracement would then bring it back into the close of the demand bar and a 61.8% retracement would bring it 1/2-way into the demand bar. This "assumption" is something I have only recently observed as being reliable when a demand bar comes off of a springboard like this. I have not back-tested it, but I have looked at a fair number of charts and noted that it works quite often. Thinking about setting up a separate partition of the portfolio for these plays and scanning for demand bars and harvesting the last 38% of the move with minimized risk (tight stop).
Okay, that assumption ^ held true, and then some, but no sign of stopping action yet. If it does stop here, below chart shows the fib retracement levels, but I'm still holding...can't sell a high range close. It has 9 consecutive days above the 5-day MA. A close under it should be a buy for more upside. Daily:
Wish I would have read your 2nd post closer when you made this thread. Didn't even notice that there was a split from AA. Would have been nice to get in on that! Obviously too late for an entry for me, so good luck on your continued ride north @Onepoint272!
Actually, I was disappointed with ARNC initially after the spin-off; AA was rockin and ARNC was choppin and was wishin I would have opted not to take the ARNC shares. But I'm glad I did. In fact I did sell AA near its top and now waiting for a lower re-entry but this one I held. It appears the profit-taking is being absorbed. Friday it closed high-range without touching the buying-climax high of 30.16. That was too bullish. Had it tested the 30.16 high and closed mid to low-range I may have sold it. Now, on Tuesday after a long restful 3-day weekend it can go after that high with renewed force. We shall see. It's interesting that two of the few Dow Industrials that went up on Fryday were BA and F, two companies that make things from specialty aluminum.
Klaus Kleinfeld Steps Down as Chair and CEO of Arconic. The market likes it....up as much as 9.8% this morning. So this satisfies Elliott Management's primary goal in its proxy fight which also included replacement of 3 other board members. Sounds like the decision was made to throw Klaus overboard to save the ship. Unlike Jonah, I doubt Klaus will end up in the belly of the whale. I have not voted yet. Elliott did a phone campaign this weekend to get out the vote. Anybody else own this and if so how are you voting?
Ouch, sucks when you step down as CEO and your company celebrates! Im sure he is not crying, there was probably a nice compensation package.
I think his annual compensation has been something like $138m. Yeah, no worries, he won't miss a house payment, and besides, the oligarchical class (fascists) takes care of their own. Oh, and when I said they probably threw Klaus overboard to save the ship, I wasn't referring to the company as the ship, just the rest of the entrenched board.
Arconic could dip on Friday after a shareholder filed suit in the U.S. accusing it of making false and misleading statements.
ARNC has been pressing resistance all day at the top of the supply bar of Oct 23, 2017 @ 27.55. I'm up over 19% on this and moving my stop up real tight here. EDIT: Sold at 2:00cst at 27.545 for a 19.2% gain. May re-enter next year.
