One new trade so far for me today – six longs that I’m holding in my portfolio at this point. However, we are getting some resistance off of the descending trend-line from 4/3 that is cuasing me a bit of concern. I figure this though, if we can push and close above 1374, I’ll be much more comfortable in my long positions.
As for my latest trade in Medtronic (MDT), you have a very appealing inverse head and shoulders setups, that broke out yesterday, and pulled back nicely to that level earlier this morning. Once the dip-biuyers came in, that’s when I felt comfortable with yesterday’s breakout holding (not to mention the overall market strength in general helping).
I don’t plan to make a killing off of this one, but could see a 7-8% move before it eventually runs out of steam. My stop is in at $37.44.
I’ll be providing a portfolio update later this afternoon.
Here’s the MDT trade setup.
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