Good evening. Monday was a relatively quiet day in the market as stocks consolidated Friday's gains. I do not have specific updates on positions this evening other than the comments after the model portfolio snapshot. Several of our positions took a hit today and are in trouble. The pullbacks may be considered as buying opportunities with tight stops. Please refer to Saturday's updates and the comments below and feel free to email me with any questions/comments.
CLNE - I did not find any news to cause the -4.4% sell-off in CLNE today. We have a tight stop at $14.15 which could get hit with broader market weakness. Readers should use caution.
MTW - We are long MTW at $10.22 as of today's open. The stock closed near its 20-day and 50-day SMA's. This is a logical level for the stock to turn back higher. New positions can be considered with a tight stop of $9.65.
NE - I did not find any news to cause the -2.7% sell-off in NE. NE closed on its 50-day SMA and tested the backside of a broken downward trend line. This is a logical place fro the stock to turn back higher.
VXX - Friday's collapse in VXX was disappointing but volatility perked up at the end of today's session which may carry over into tomorrow. We have a tight stop which will most likely get hit if the broader market continues higher in the coming days.
ATI - ATI drifted higher after Friday's rip higher. My comments from the weekend remain the same. After looking so promising on Thursday and having more than a +4% unrealized gain, ATI surged +7% on Friday. I did not see any news to cause the spike, however, call activity picked up noticeably across many months. I suggest readers use caution and may want to consider exiting the position now. I've adjusted all targets up and am looking for an exit. ATI should turn back to test its 20-day SMA which is near our immediate target of $44.65, which will be breakeven on the trade.
SF - SF is at resistance and should turn lower if there is broader market weakness. Our first target is $46.05.