- Ryan Mallory
Pulled back right before making new all-time highs
It has been almost two whole months since we last established new all time highs (3/1) - which really is an eternity in today's Trump-induced market rally. Yesterday, SPX had its chance to do so, the Dow didn't even get close, and the Nasdaq had a hangover following its all-time high party from the day before, so no real progress on any of those fronts. But then you have the little guys - the Russell crowd, and because they have moved nowhere over the last five months, by going somewhere, and in this case up, by default, created new all-time highs for it.
The pullback on the charts, while unsettling at the close of business yesterday, didn't create any problems for the charts. In fact it probably was a good thing for the market to have a cooling period, before it can take another chance at uncharted territory.
Still, be careful with short exposure in the portfolio. The best thing you can be doing in this stock market is simply raising stops. Make sure that if the market takes a dump like we saw back in mid-march that you are able to secure the majority of your profits on the trade.
Never trust a market. Never! That is where traders often times get into trouble - they just get lulled asleep by the consistent uptick in the market and then one day the market sells off hard and fast, and they don't even know where to begin in terms of managing their portfolio.
Know your trades, know where you will get out... Always!
S&P 500 Chart
Current Stock Trading Portfolio Balance:
- 6 Long positions
Recent Stock Trade Notables:
- Teradyne (TER): Long at 31.16, closed at 33.03 for a 6.0% profit
- UPRO: Long at 92.75, closed at 94.78 for a 2.2% profit.
- Murphy Oil (MUR): Long at 28.69, closed at 27.89 for a 2.7% loss.
- Las Vegas Sands (LVS): Long at 57.24, closed at 56.53 for a 1.2% loss.
- UPRO: Long at 91.94, closed at 96.54 for a 5.0% profit.
- Alibaba Group (BABA): Long at 105.736, closed at 108.22 for a 2.4% profit.
- Facebook (FB): Long at 134.27, Closed at 139.23 for a 3.7% profit.
- CDW Corp (CDW): Long at 58.65, closed at 58.91 for a 2.7% loss.
- Redhat (RHT): Long at 82.41, Closed at 83.53 for a 1.4% profit.
- Ambarella (AMBA): Long at 57.15, Closed at 55.52 for a 2.8% loss.
- Alibaba Group (BABA): Long at 104.73, closed at 106.05 for a 1.3% profit.
- Broadcom (AVGO): Long at 218.63, Closed at 222.71 for a 1.9% profit.
- American Airlines (AAL): Short at 44.76, Closed at 44.03 for a 1.6% profit.
- UPRO (Day-Tade): Long at 95.35, closed at 96.50 for a 1.2% profit.
- OZRK: Long at $56.12, closed at $54.69 for a 2.5% loss.
- FNSR: Long at $34.25, closed at 34.70 for a 1.3% profit.
- UPRO (Day-Tade): Long at 96.92, closed at 98.03 for a 1.2% profit.
- JP Morgan Chase (JPM): Long at 87.21, closed at 89.67 for a 2.8% profit.
- Chevron (CVX): Short at 110.03, covered at 111.85 for a 1.6% loss.
- Flex Technologies (FLEX): Long at $15.62, closed at $16.57 for a 6.1% profit.
- Baidu (BIDU): Long at $174.70, closed at $187.00 for a 7.0% profit.
- Ollie's Bargain Outlet: Long at 33.20, closed at $32.50 for a 2.1% loss.
- Corning (GLW): Long at $26.98, closed at $27.45 for a 1.7% profit.
- Illinois Tool Works (ITW): Long at $127.74, closed at $129.86 for a 1.7% profit.
- Marriott Int'l (MAR): Long at $86.16, closed at $87.51 for a 1.6% profit.