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A hot hand in a slow market never hurts.
In addition to locking in 20%+ gains on MNST‘s huge pop on Monday, today I am seeing my AEO long moonshot over 12% after surprisingly upping guidance (they reported earnings back in March). The rest of my holdings are either in the green or down less than 1%, not bad considering the softness in the broad market. I already took some gains into the AEO pop into the 12631 Trading Service, where all of my trades and holdings are on full display at all times for members.
As far as the rest of the tape is concerned, the S&P 500 still looks to be digesting last week’s push above the low-1390’s. I am keying off that area as a measuring stick for the short-term health of the market. However, the weakness in the Russell 2000 is starting to become a real nuisance to the bull case. The buyers had better step up one of these days, or we will actually have a confirmed head and shoulders top on the daily there, which could get ugly and end the fun we have been having with select longs.
In sum, I have a hot bat and am hitting some doubles and triples in addition to my usual singles. The temptation is to now swing for the fences and hit for the cycle via a monstrous home run. While I am always looking for a big win, I am not going to stray from my discipline go down swinging wildly out of giddiness.
Damn!, morning Chess
Oh, thank you for posting another tidbit…. Oh, and the stock market assessment is appreciated too.