JIVE was a remount in Feb after getting stopped out for a loss on the first go. See posts HERE This morning JIVE has hit 1x on the remount and I have gone ahead and sold half, raising my stop to break even.
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I’ve already traded JIVE and was stopped out on the recent drop. See posts HERE. After the company EPS the stock broke higher and is now consolidating looking like it wants to finally say goodbye to this low level consolidation. Furthermore, unlike the last time I traded the stock, the MAs are in proper alignment.
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It never ceases to amaze me just how unpredictable the market can be. Just this weekend during my video review, I mentioned my concern over the pullback and how I felt it could easily go further. With that said, I believed the drop would provide an opportunity rather than a bigger warning. When the drop came earlier this week the underlying stocks in my portfolio and others on watch were not hit nearly as hard. This led to a Tweet mentioning how the underlying stocks were not as weak as the overall indices suggest. I mention this only because this was not some random prediction but rather unbiased observations. If I had held some grand thesis I don’t believe I would have been able to take advantage of the opportunities.
Today the market is advancing back towards the underside of the 50 day moving average (SPY Daily) and we’re far from out of the woods. While this is happening the underlying strength in beta names is far greater sparking the portfolio to gain close to 1.5% as I write and pushing it to new all-time highs, not seen since January 27th.
I have no idea where we will go from here but many names are acting well and look to be gaining new momentum. Some of my favorite, Pre-1x setups includ: ACM, AXTA, FFIV, GDDY, GS, INTC, INTT, JIVE, OMN, PYPL, SEV and VMC. I’m long all mentioned and you can review the setup or trade by plugging any single name into the search button at the top right.
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I’ve gone ahead and made some subtle adjustments to the portfolio. AAL was trending and had hit 1x but I do not like the stock and wanted to sell off the remaining shares. I also sold off CHNR and JIVE for losses as they are not working. With the proceeds I started the following new trades.
EMKR – Is breaking a longer term trend and is consolidating recently giving me an opportunity to enter the name. I like the $7.50 level as a stop as noted on the daily chart below the weekly. Click to enlarge
FEYE looks to be bottoming. These have been dangerous and not working too well for me. I am going to give it another shot and have taken a position at $13.37 with a stop at $11.50. Click to enlarge
The portfolio gained 1.94% this week while the S&P was just about flat. For the year the portfolio is now up 4.10% and 19.52% since inception.
I’m traveling for my son’s swim meet this weekend so a video will be coming on Monday. Below are my favorite setups that are currently buys in the portfolio.
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