Closed my Position in Staples (SPLS)

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I’m selling my stake in Staples (SPLS) because I’ve neglected this stock since purchasing shares in late August. When we avoid completing our homework and research on a stock, it’s time to sell our shares and invest the money elsewhere.

I purchased shares at $23.48, so I’m up 13% on this stock since opening my short-term position. My limit trade is set for $27.50, which would lock in a 17% gain if my ask price gets a buyer.

Of course by no means is Staples a bad stock to own. I still remain bullish on Staples shares, even though this stock is exempt from my long-term plan. Management plans to expand copy and print services in an attempt to steal a chunk of the $20 billion copy and print market. It may be an audacious move, but I think Staples can lure more customers into stores by offering a wider assortment of business related services.

Staples is #1 in the office supplies industry, ahead of Office Depot (ODP) who claims the #2 spot.

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