Long Position on FLY @ $15.82 on 5/2/2013 (Momentum)

Cup & Handle on FLYFly Leasing Limited (FLY) leases commercial jet aircraft worldwide.

The company purchases and leases commercial aircraft under multi-year contracts to various airlines. It owns 106 aircraft. The company was formerly known as Babcock & Brown Air Limited and changed its name to Fly Leasing Limited in June 2010. Shares have formed a bullish "cup and handle" and higher prices are expected. The firm reported its quarterly results this morning.

The company reported Q1 earnings of $1.37 per share, $0.54 better than the Consensus Estimate of $0.83; revenues rose 9.5% year/year to $114.4 mln vs the $103.62 mln consensus.

Note that the firm pays a hefty dividened and yield of 5.8%.

52-Week Trading Range:   $11.06 - $16.50

Entry Point:  $15.82

Stop Loss:  $15.00

Target Price:  $17.40

Updates

6/4/2013 11:10:54 AM

We are closing this position at $16.50 after our 30 days time period expired without achieving the 10% but a 4.32% gain is not bad either!

Position closed on 6/4/2013 at price of $16.50 with a 4.30% gain in 33 days.

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