Today we initiated a trade for the TA portfolio. MXL was added at 12.52 with an initial stop value of 11.35. 5.35% of our capital was used while risking .50% of our account value.
With the addition of MXL, the portfolio is now long one stock with 94% cash. If the market continues its rebound, more positions could be taken. Currently, the overall picture still compliments a defensive posture for our capital.
With current markets having moved higher, the overall screens are populating with more names. However the constructive weekly and daily charts are still very difficult to find. The list remains the same with FLTX, IPHI, and ABTL leading the way. One observation is the reemergence of oil shippers ( ASC, TNK, TNP) back on the list. WIth big earnings and great valuations, this sector could produce a few nice winning trades.