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We had another constructive day in the market on Monday where most of the indices held their April highs area and consolidated. Under the surface things look even more positive as we continue to see the small and midcap names rally to new highs especially the ones we own.
OUR OPEN TRADES
CYD ran another 6%. Our August 26th trade is now up 75%!!
One of our newer trades LF was up another 5.2% on Monday and is already up 9.6% in 5 days.
JAZZ also took off to new highs and we were up as much as 12.5% intraday since Nov 30
Another new position ATPG rocketed higher and was up as much as 8.49% in its first 2 days of the trade.
The performance we are still getting on the rest of our open positions speak for themselves.
The only stock that had problems was CELG, which came down and got stopped out at breakeven after we locked in a 5% gain awhile back.
For those who subscribe to our Penny and Low Priced Stock Report, we had a huge move in CBRX up as much as 48% in 1 weeks time.
In the aftermarket it looks like they came to an agreement on the extension of the capital gains tax and other tax cuts. The markets normally like less regulation, lower corporate and capital gains taxes and what the markets like more than almost anything else is having uncertainty. The markets may have been pricing this news in for some time so we can’t expect all the good news to e priced in all at once tomorrow but if anything we expect to see further strength in the near term.
NEW SETUPS
Due to the fact the markets haven’t consolidated too long above these old highs there is more market risk than normal. Many stocks are building very elevated bases after long runs and these are higher risk entry points. These types of elevated bases in strong stocks have also historically led to some of the largest gains in market history. Where there is higher reward there is higher risk so be cautious here.
We would look to buy the following names on moves at or above the following prices
NFLX 193.77
CRM 145.78
DIN 55.24
BIDU 110.74
SAN 96.30
EPB 33.48
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