Going Long LULU at $72.42 for a Swing Trade

I'm swing-trading Lululemon (LULU) long at $72.42.  The market is at an inflection point, particularly on the SPY, where there is a notable area of resistance overhead as you can see in a recent group discussion post i did today. I'm not sure if we'll pullback here or not, but if we do, I don't foresee it being anything major and would likely just be enough to establish a new higher-low for the sake of technicalities on the charts.  But the trade is LULU sets up nicely because there is a well defined double bottom and has confirmed that pattern and consolidated nicely above the neckline as seen on the chart below. Also worth noting is the respectable reward-to-risk ratio that is 2:1 in our favor.  I am also still long CIG and a bit underwater on that trade right now (about -2%). If the stock hits 11.87, I'll be out of the trade without hesitation.  Read more...