US stock market is in very tough technical condition, where most support has broken down, famous 21 day support is broken, 50 DMA is gone for most critical stocks....
Furious rotation from technology stocks is underway
Even Cathie Woods cannot decide which technology stocks to sell or buy, its a coin toss every hour.
I am sticking to max 5 stocks and mostly day trading until technical repair is done.
As a general rule only " strongest stocks on technical level will make you money "
Rest of the weak ones do not have support until 200 DMA....
Here is how my week ended :
Sold GGLL in after hours @ $94.86
Last week UP 1.91%
YTD UP 63.16%
Here is my weighting based on 36% exposure on house money :
TSLL 61.86%
BIDU 38.14%
BLOG does NOT give buy or sell.
Saleem
Hi Stocktrader,
ReplyDeleteBought UBER @ $84.50
Saleem
Hi Saleem,
ReplyDeleteGreat week again despite the volatility!
Good luck with UBER!
Stocktrader
Hi Stocktrader,
ReplyDeleteBought MU.NE @ $49.32
Saleem
Good luck with MU! Seems like the selling may have abated for now...
DeleteHi Saleem,
ReplyDeleteShifted a small amount of MBX into ANRO as the latter approaches the 50 DMA and the former remains stretched.
Stocktrader
Hi Saleem,
ReplyDeleteSold AEVA @ 10.01 on sluggish price action portending a weak close to year end
Stocktrader
Hi Saleem,
ReplyDeleteBought GLUE @ 15.22 avg
A biotech company targeting autoimmune disorders and recently expanding its partnership with Novartis and receiving an upfront lump sum payment, it shows promising technology and funding needs are ameliorated. That chart looks great for further run.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with GLUE and more ANRO
Saleem
Hi Saleem,
ReplyDeleteLast week: -7.02% (YTD: -39.88%)
Portfolio Leaders: BKSY (sold) FATN
Portfolio Laggards: ASPI ANRO PONY
It was another tough week as the unrelenting selling persisted in former high-fliers and the market indices moved lower. At this point, I can only wonder how and what I should have done differently, but as usual, timing is nearly impossible to predict, and sometimes being too early feels wrong enough that one gives up before the rest of the market comes around to the thesis. Despite all this, I continue to look for new names and rotate into stocks with better relative strength, searching for those potential year-end runs that can help boost the portfolio in the final weeks. This leads me to more biotech exposure than I'd prefer, but hopefully I've selected some names with positive trials already and enough cash on hand to avoid secondary offerings. This shortened holiday week is traditionally good, so I hope we see the same and the portfolio can uptick some.
Holdings: PONY OCC MBX AIP ANRO GLUE ASPI FATN, cash 0%
Stocktrader
Hi Salem and Stocktrader,
ReplyDeleteSold AEVA and bought MU and ANRO. Thank you both for the recommendation :-)
Simon
Good luck with the new positions!
DeleteHi Stocktrader & Simon
ReplyDeleteSold BIDU @ $120.35 in pre pre market
Saleem
Hi Stocktrader,
ReplyDeleteBought GGLL @ $113.15 in pre pre market
Saleem
Hi Saleem,
ReplyDeleteGood luck with new buys!
Stocktrader
Hi Saleem,
ReplyDeleteShifted a little PONY @ 13.16 for ASPI @ 5.83
Stocktrader
PONY's quarter was good though, and sets the stage for explosive growth into next year. The international expansion is impressive after showcasing its technology in the Chinese market first.
DeleteSold a little more PONY @ 13.43 for OCC @ 7.15 and AIP @ 13.17
DeleteJust minor moves as PONY has popped post-earnings and so trying to keep equal positioning and/or move into stocks which may have upcoming catalysts.
Sold another 5k of PONY @ 13.39 for OCC @ 7.31 and ANRO @ 13.60
DeleteLarge blocks (5-15k shares) looking to buy OCC in this environment tells me there is positive news coming.
I am tempted to sell the entire PONY stake right now to deploy towards new opportunities.
Hi Saleem,
ReplyDeleteSold PONY @ 13.37
Bought BKSY @ 16.58
This is mostly about chart and the BKSY looks surprisingly good given how a lot of the other former high fliers are struggling to even see the 200 DMA again. Today's break above should set the stage for higher prices, and the accumulation recently is evident. A successful satellite launch that is already giving quality outcomes adds to the story.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with more BKSY OCC ANRO AIP
Saleem
Hi Stocktrader,
ReplyDeleteGood luck with all the adjustments.
Simon