Rail is getting taken to the cleaners. They actually did great on the revenue but they had some warrants that they had to mark to market that sent their earnings in the dumps. This is very cyclical but it looks like the rail companies are upgrading their trains finally.
I have a little leftover position that I never sold, was holding for a time when I wanted the tax loss but it never came and now I’m almost back even. I’ve had a couple of limit orders in recently but they’ve never hit. Now I would eye a retrace to previous resistance around 60, but I’ve been tending to overestimate the amount of retracements on this one lately.
Weekly chart is looking very strong. Long-term cup and handle?
I think you are right Carpian. Starting to form a handle. That is great and it makes sense because all the banks are doing great now too. Upst should be on the watchlist too.
$QTWO is an MF stock where I am using IBD to trade around the core, but it is an example of a post “jump” pattern the IBD talks about. When a stock jumps up, you want it to consolidate and form a flag or similar sideways pattern. Then when it breaks out of the pattern you can add. We are seeing tons of gap ups and run ups, so this might be good to look for.
$CAVA started with a great reaction to earnings, then had a downside reversal that lost it all (Almost). NOT a good sign. A flat day of nothing would have been better.
Bought 1/6 position in $CAVA on 11/8 in what looked like a breakout from a very short dip. There have been no good opportunities in a while. Survived earnimgs, but downside reversal today, change in character? Hope not.
$AMSC is working well. I am usually slow to acquire a full position. This time I was moving a little faster and had two 1/3 position buys, but then, for no reason it gapped up above the buy zone and I did not want to add more. Looking for some sideways action now.
$VERX popped on earnings after I bought properly on a breakout. Held up well today. This could be a good candidate for an offensive sell to lock in 23% profits. The market is so good, it worries me.
I bought $VKTX as a small, non-IBD buy and it is getting killed. Have to sell, too many good opportunities.
I bought some $MNDY as a swing trade today and got it at highs. Good news is that I sold some IWM to buy it before IWM faded into the close.
I am still holding above S&P for the year. IBD account is up 33.45%. I am not a genius, it is a great market. My skills and wisdom will be tested when I have to sell before a downturn gets bad.
Just to let you know Pete, the UBS Global Healthcare Conference is going on right now and Stifel Healthcare Conference is coming up in a few days.
I do not blame you for selling, it is a hard one for holding and I wouldn’t tell anyone to buy it using an IBD Method. But I have been in it before I started IBD.
Hey Pete it’s tricky times right now and Healthcare seems to be out of favor. Look at Step. It is getting crushed in after hours and they reported a few days ago. Not sure why.
One more thing Pete. VKTX has a while to go before their drugs are approved so it is a story stock and you might not want to listen to me because I definitely could be wrong. Please invest accordingly.
Here are the stock related notes from Friday’s video with Webby. Worth looking at the chart to sync up with what he is saying.
○ NVDA post earnings: Webby will buy more if it goes above $150 but will get out of it if it falls below 50dma.
○ AVGO, group is weak, RS falling, but if it comes back above 50dma, you might consider it.
○ QQEW: when an equal weight is down 2.4% in a day, that’s a bad day.
○ CAVA: the leading non-tech stock. The reaction to earnings (downside reversal) is not what you want to see. Institutions took advantage of the earnings “liquidity event” to unload. You want to back away and wait and see (I don’t think he mean sell, but maybe he does)
○ SPOT - this is what you want to see. A big gap up and then the next day was up. Only down 4% on Friday’s bad market day. Look for other stocks that acted like this
○ AMZN: bruised but not broken today
○ RSP: has been having higher highs and higher lows, if we fall below the $176 level, it will break that trend.
○ XLI: look through all the holdings because the ETF is holding up.
○ XLF looks very strong, look in there for stocks.
○ XLU: utilities had a strong move, recently came back in, and now about to go above 50dma. This is a space to look in.
○ FLUT: holding up after breakout so Webby looking to get into it and will be watching for a good opportunity.
○ SQ: shakeout on earnings with a test of 50dma and upside reversal. So you got rid of weak holders and the risk event of earnings is behind us. Also, the 8-week hold was triggered, indicating this has the potential to be one of those special stocks you treat differently. So now you are looking for a place to get it. We often come down 3 days, and Friday was day 3, then reversed up. That is when you get in. Today’s low is your now stop. Webby feels we are still in a 1999 style market and this is the kind of stock you buy in that market.
○ APP: looks good here is “the leader in heat”. But Webby sold Friday so he could buy SQ, which is a better setup.
It is looking good to me right now.
