Good evening. I wasn't able to write specific updates this afternoon so I have provided comments below on our positions. The recent bounce in the market is certainly testing our will in some of our short positions. However, there should be enough overhead resistance to keep bounces under control if it continues. The SPX sits at 1,070 which is the 50% retracement from the June 21 highs. The 20-day SMA is also just overhead at 1,076 and then the 61.8% retracement at 1,085. And last but not least, the primary downtrend line from the April highs runs right through the aforementioned levels. If the SPX stops at any of these levels it should make a lower high and proceed to at least retest last week's lows. Of course the wildcard is earnings season beginning next week which could change everything. I expect trading to be very choppy as earnings season gets underway next week so I am trying to keep realistic profit targets and book quick gains. Please email me with any questions.
Long AGN - The stock hit all of our targets this morning and our call position was closed at $4.20 (entry was at $3.10). Our gain was +35%. I will post the closed update tomorrow.
Short DE - This the only position I am concerned about currently. It has moved against us the last 2 days. The stock is still below its 20, 50, and 100-day SMA's and closed right on its downtrend line from the 6/21 highs. I am expecting the stock to run into resistance and reverse lower soon.
Short IR - We were triggered on our short entry at $34.30 and that's just about where the stock closed.
Short LULU - We were almost triggered this morning and are waiting patiently.
Short QQQQ - We were triggered at our entry of $44.30. The stock closed at $44.20.
Short SBUX - We were triggered at our entry of $24.75. SBUX closed at $24.84.