No trades for the Trade Anatomy Portfolio.
Both MXL and IPHI remained quiet today. Neither have pushed too far from their initial breakouts, so it wouldn't be surprising for them to work back to their base if the market turns down. At present, the portfolio is risking 1% of our total portfolio value and any new positions will likely be executed at .50% risk.
Not much has changed with the current list, we are still not seeing a large increase in names passing the main screen. As the market sits within 6% of its high, the main screen is roughly 40% below normal levels. The current situation is a cause for concern. However, we will continue to review candidates and be patient for good weekly setups to emerge. Below are a few from the watchlist for review.
As a quick side note, I thought it would be worth discussing GLD as a possible trade idea. From a daily perspective, GLD's trading pattern has become very constructive and acts as though it's ready to continue higher.
There is some resistance near 113, but with a continuation move above 113, the 108-109 area (blue line) becomes your initial stop for position sizing purposes. GLD has been in moving downward since late 2011 and has not been able change the longer term trend on the weekly perspective.
Although GLD has yet to turn the longer term trend (blue line), it's appears to be working towards an inflection point. GLD could offer a reasonable risk/reward trade, while we wait patiently for individual stocks to set up and move out of longer term basing patterns.