Good evening. I do not have specific updates for you tonight other than these comments. The model portfolio snapshot below is current. All of my comments remain valid from yesterday so please refer to those updates for more details.
We suffered a setback in MSFT today but the stock is now at prior resistance and its primary downtrend line from its June highs. This is a logical spot for the stock to turn lower and good area to open new positions. Let's raise the stop 12 cents to $25.72 as it is uncomfortably close to current levels. SNDK and XLNX both closed lower on the day.
Our long positions in PKI and TC performed well. We are still waiting to be triggered on BYD and ITRI, as well as our short play in FLIR which is getting close.
Today's breakout higher has exhaustion written all over it. I caution readers to keep bullish positions on a tight leash, while still remaining nimble on bearish positions. Trailing stops on both side of the market is probably the right move as I expect volatility to really pick up steam in the coming days/weeks. Finally, James will be filling in for me the remainder of the week and weekend. I look forward to catching up with you all on Monday.