I have made three trades thus far today.
- I bought 1/4 more of my position in $LULU. I have now 3/4 of a position in the stock.
- I initiated a 1/2 long position in $DECK.
- I initiated a 1/2 long position in $THOR.
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TOTAL PORTFOLIO:
EQUITIES (Including ETF instruments):
- LONG: 33% ($APKT $LULU $CRM $IAG $MDAS $ISH $DECK $THOR)
- SHORT/HEDGED: 6% ($TLT $TZA)
CASH: 61%
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NOTE: These are posted to be trading ideas only. Should you follow me in, I urge you to use stop losses to mitigate your downside risk (I prefer a 7-8% trailing stop loss).
[youtube:http://www.youtube.com/watch?v=uS5utRRlqXM 450 300]
Chess,
I notice that you keep picking stocks that have made double and triple bottoms and appear to be coming back up as opposed to stocks that are flatter and somewhat less volatile.
Can you enlighten me as to why? I have to say you must be on to something because APKT, which I picked along with you seems to be best of breed so far.
I’m not sure I’m seeing them as bottoms. They have all (except for ISH) been in steady uptrends, and may have made temporary lows at the top end of the range, but I am picking them because of strong price action supported by strong volume. In other words, I believe most of my holdings are considered fast growers by The Street. Wall St. will always pay up for growth in a healthy market.
Thanks! Much appreciated!
My pleasure. Thanks for reading.
You’re blueprint has been impeccable! Great video by the way…
“Looks like the work of a master” indeed.
Thanks jay–big compliment coming from you and your fine work.
thoughts on the CIT chart chess?
Big move coming either way as price and volume have dried up. I think Ragin Cajun says the option activity is very bullish, but I could be wrong about that. I like it with a stop just below $36, since you are playing this one for a big move higher.
CNW, does it bother you that more defensive names are coming on top of the list of high accumulation scores, like bond funds, high yield funds, treasury funds? Wouldn’t this undermine the case of rise in equities in the short term, or more appropriately, a sharper rally or rally in high beta names?
Oh, for sure. By no means am I a cocky bull here. In order for my to deploy a significant more amount of cash on the long side, the bulls have a lot of work to do, such as reclaiming the downsloping 50 day m.a., for example.
However, I have no interest in fighting the tape. It’s not my style. Right now we have seen a sharp run up from 1040 followed by boring sideways action. To me, that is bullish. But, all of your points are valid and could easily come home to roost.
God is great! See flys blog- money mgrs on tape- pricesless! Excelent sir.
great stuff
Chess,
Always appreciate your comments and look forward to your post.
A few of your pics look a little overbought. Do you take in to consideration the large gaps between the MACD lines, they tend to get closed or tightened up a bit, which usually brings the price action down.
Not related…Own THOR at 45.66, LULU appears to want to make one more dip down to shake out the weak hands, if so, I’ll buy.
Your FCX as a leading indicator is dancing around the 66.00 level, and it’s currently below, I do not trade it but was just wondering if you still follow it for DOW guidance.
TIE looks like it wants to pullback…waiting patiently
Your thoughts on SWC and ARMH
Also, EXK, held 3.71 until 60 seconds from the close, then closed at 3.60 below the 50ma
Nice! call on APKT
Sorry for the long post, but I value your opinion more than most others and just had a few things to say…
Thx
Thanks casino.
I do look at MACD, but I try to keep in mind that in a healthy market (still in doubt) the high growth names that the street loves will become overbought and stay overbought with momo. It is a useful indicator, but I try to keep it in its place behind price and volume.
Agree that LULU could rest some more. I like the THOR setup a lot.
FCX is still an important tell, for sure. It is trying to flag right at that $66 area. The temptation is to short it here, but there could be a huge squeeze higher.
TIE looks great–flagging right now. You might not get a juice pullback. It is consolidating nicely up high.
SWC: love the volume pattern in month of June. Flagging at 100 day m.a.–big resistance level. I like it on a break higher from here, but watch out for 50 day m.a.. above.
ARMH: Good setup for a continuation higher out of the flag, but I would keep a tight stop on it–say $12.20, but you don’t want to play with a sloppy flag, should it dip there.
EXK: Nice catch. Great volume on Friday. I love it above $3.70.