I won't talk to much here, but I did add Mellanox Technologies as a long play to the portfolio, bringing my portfolio total to 5 short plays and 1 long play. Mainly MLNX is used to hedge some against my existing long positions, in the case I am wrong about the market's direction going forward (which happens to be bearish).
Essentially MLNX just filled on gap, and is on its way to fill another one (an old irrelevant bullish island reversal in the past). Once it gets past $87.14, the momentum should really pick up in this play. Currently my stop-loss on MLNX is at $82.45, but may nudge it up to $83.50, particularly if we see a lot of weakness tomorrow.
Otherwise, if this market does move higher and we get a solid bounce off of oversold market conditions, MLNX should do quite well.
My buy in price is at $86.45. The chart is below.
Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>
Get Ryan's Top Six Trade Setups for Profitable Trading eBook for Free!