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. For the most part Monday was a favorable day for the model portfolio. I continue to like both our long and short plays and new positions can be considered in any of them. Please refer to Saturday's updates and the comments below and feel free to email me with any questions/comments.
PBR - The stock gained +2.69% and took out Friday's high. I am looking for more gains in the coming days.
RIG - The stock broke out of its bull flag to the upside and gained nearly +4% on the day. Our first target of $62.95 was reached and we currently have a gain of about +20%. RIG should continue higher if the broader market cooperates.
STEC - Our lower trigger of $13.10 was reached this morning so we are long November $14.00 calls at 96 cents. My comments from the weekend remain the same.
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.
ADM - ADM hit our immediate target of $32.20 on Friday and has bounced ever since as it consolidates the losses. The stock has resistance at current levels but I want to raise the stop $33.20 which is above an intraday downtrend line.
SCHW - SCHW remains at a resistance level where it has struggled all month. I'm looking for SCHW to turn lower from here but I could also see the stock trading up to its 50-day SMA first. Our stop is 13 cents above the 50.