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Lots to look at after Tuesdays action. AAPL, ORCL, AWH all breaking support at 50 day moving average so short and intermediate term traders should look to close out trades.
Lots of other things to look at with our other open positions.
Market looks should hold up at support but if not one should carefully manage their open positions to lock in profits or limit losses. A majority of our open positions have nice gains and have plenty of support close buy which is part of our selection process in riskier markets.Overbought and stretched positions could easily lose a one third to two thirds of all recent gains so be alert as part of an orderly pullback. Many of these positions should be able to ride out any of these sell offs into support but sothose looking to let the trades run can do so if they hold key support. Those with shorter term time horizons should close out positions now and wait for market to setup again.
Here are the most recent opentrades from the past couple months.
BZ big reversal intraday after running 20%
HD still up14% but closed off the highs and looking like a pullback short term.
IRBT ran 17% and came back down to breakeven. Should have locked in gains along the way.
AMZN breaking 21 day MA. Next stop $240 if it can’t hold.
RV looking good but very stretched
SBUX trying to build support but still in intermediate term downtrend. Recent trade up over 10% so would look to lock in gains.
GS trade ran 16% in less than a month but has been pulling back and still feeling pressure.
EXPE 3 trades still up 10%, 10% and 7% and just seeing some minor profit taking s far.
Our GLD trade is still up 8% but extremely stretched over the short term.
LULU trade still up 15% but we need to find support at 21 day moving average. Profit taking doesn’t appear too aggressive yet.
PNRA still up over 10% in less than 1 month and holding gains nicely.
AKAM still up and holding 21 day moving average but would keep stop at breakeven.
ARUN also is holding 21 day moving average so far its critical it holds that level.
LVS still up around 6% after running 10.73% but seeing major resistance at 200 day moving average. Could break through and make a big run but would keep stop at breakeven or worst case the upward sloping 50 day moving average level.
AVGO is toast and stopped out with a 5% loss.
CF was up over 9% in about a week but is pulling in. We would keep stops at breakeven.
TRW did a complete 180. It was up close to 11% in a few days and has now gotten stopped out at breakeven. This is why itsa good idea to lock in some profits on the way up or at first stalling area.
ICON stopped out at breakeven after a quick 7% run in about 2 weeks.
BWLD is still up 4.7% but had a nasty reversal on Tuesday. One could close out position or keep stop at breakeven which happens to be near the 200 day moving average level
VRTX trade was up over 9% but has reversed and is now only up 2.3%. Keep stops at breakeven and lets hope this run can continue.
EBIX is in a very wide and loose consolidation. We would keep a stop at the 50 day moving average level. Expect lots of volatility in this one.
NTAP ran 4% in a few days but met major resistance at the 200 day moving average level and got stopped out at breakeven today
PZZA still just floating sideways so would keep stops at around the 5% loss level.
T hanging in there would give a 5% stop
AXP acting sloppy. Keep stops at 200 day MA for now since needs room to breathe.
CTSH gave back its 6% gains but would keep stop at 200 day moving average level.
CLB has also given back its gains but would keep a stop at 200 day moving average level.
TCO failing so would keep stop at 5%
HAIN failed and got stopped out with a 5% loss.
ONXX ran over 12% in a few days and just seeing a slight pullback.
ULTI ran close to 6% and has given it all back. We would let ULTI test the 50 day moving average level to see if it can continue its uptrend. It has been one of the stronger stocks lately and has held its 21 day and 50day moving averages perfectly.
Could have made some quick gains on CCI but reversed off highs. Would look for support at the 50 day MA
VSH failed and got stopped out at 5%
Most other recent trades are either up or down marginally with nice support close by. We would keep stops at the 50 and 200 day moving average levels
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NEW SETUPS
No new setups for Wednesday.
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