ANIP was added to the portfolio today. The position was initiated at 71.22 risking .50% of our portfolio value. Our initial stop loss is set at 63.08 and 4.37% of our capital was used.
You can see from the daily that ANIP was able to close above the main dashed line near 71. What caught my attention was the initial move from 64 which made ANIP a possible trade candidate. Now it's time to see if ANIP wants to dart out and move a few points above the upper dashed line or consolidate between the lines for a few days.
Portfolio Trade Ideas
The stocks which were on the watchlist long sheet have now been combined to make commentary and tracking easier and more time efficient. The majority of the list continues to hold their trends, but OXM and FLY seem to be just drifting about for the time being. SUPN, GTN, FLML, ASC, and OSIR are all holding up well relative to their trailing stops. FLML was able to move to a new closing high today.
I chose to highlight FLML today to discuss the 3-4 white bars that are appearing on the chart. In previous discussions, I've mentioned that this is a formula designed to mark stocks when they have experienced exceptional price moves. When a stock has price appreciation over 10-20 weeks these white bars are useful to help mark near term tops, which generally allow us to lock in our profits earlier then if we wait for the stock to close below the blue trending line. As you can see FLML is still in the beginning stages of it's price move, therefore the white bars have no importance in terms of selling. I will note that most big winning trades generally produce these white bars during their initial price moves.
ASC was a recent trade sent to subscribers which has really started out on the right foot. It's always a nice bonus to have them start quickly, now we'll see where it wants to consolidate. By looking at the chart below that area appears to be in the 14-15 dollar range which is the next level of resistance. If we do have constructive consolidation and a new mover higher, this area would represent a nice add-on opportunity. Tomorrow, I will upload the MarketSmith chart and discuss what I saw both technically and fundamentally before that trade was initiated.
Not much has changed with the stocks from the watchlist. I'm still waiting for several of them to consolidate before taking any action. VLRS, BEAT, and several others look like solid trade candidates. BEAT is in a similar situation as ASC which is why I would expect it to consolidate for awhile before moving higher. If that does play out, then I would expect to make a move on BEAT when the next up move starts.