Closed my Position in Staples (SPLS)

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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