Trade Anatomy Portfolio
+.24% MTD | +32.59% YTD
1 long | 1 buy | 0 sells
The market continued higher last week but appears to be in a new price band below the one we'd been experiencing for the better part of the year. It feels like the market is in no man's land which is a term generally associated with tennis. It's the area of the court just between the baseline and service line. When a player is stuck in no man's land, it's generally due to their indecision to fully comment to attacking the net and closing out a point. At this point the market could move higher or lower, which is why we dig a little deeper to determine whether we should attack the net or move back to the baseline. At present, the SP-500 (based on the chart below) has not confirmed a new uptrend, and our current screens are well below normal. These two items, as well as, a lack of big weekly chart setups, has us playing the baseline as opposed to attacking the net.
Although the portfolio is remaining in a defensive posture, a trade was taken mid-week in MXL. The trade was initiated on 10/07/15 at 12.52 using 11.35 as the initial stop and risking .50% of our portfolio value. Total position size was 5.35%. On Friday, MXL moved out of the most recent price consolidation and closed at 13.08. Time will tell if MXL has what it takes to continue higher.
Very little has changed with regards to the candidates on the list, but a few have managed to move higher such as FLTX and ABTL. There are currently 143 names passing the screening process and from this group about 14 names are qualifying for the watchlist. It the past week, oil shipping stocks have reemerged with several names now populating the screen. TNK, ASC, SFL as well as others could offer trading opportunities down the road. Below are 4 names to keep an eye on for now.