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Observation Update

Trade Summary

Today SLV was added back to the portfolio at 16.28 with an initial stop set at 15.17.  The total position size is 10% of our portfolio value.  SLV was added back to the portfolio because the weekly chart looks very constructive in nature with potential for a continuation of the trend above 17.  With respect to the timeframe, SLV will be traded based on its weekly price action to reduce noise and hopefully ride the trend for a longer period.  Below is the weekly chart for view.


Gold has also made a nice recovery in the last week and has developed a more constructive weekly chart.  As of now, SLV is the main focal point in the metals department.  Grains have had a nice run over the last 2 weeks and are now starting to develop stronger weekly charts. A few weeks of sideways consolidation and DBA and JJG will offer new entry opportunities. Although it's relatively early, a dynamic shift could be underway and commodity type stocks/ETFs could be in the driver's seat for awhile.

LITE Trade

The LITE trade was taken early rather than waiting for the price to move above a pivot point.  Many times taking a starter position is perfectly fine.  The importance is giving your initial stop enough room so that you aren't stopped out before the price moves out.  If LITE is able to move above 25.50 then it is likely more shares will be added to the position.  In the meantime, we continue to have patience as the stock develops.   Below is the chart.

The watchlist and screens will be updated this evening.  Continue to work through the lists and make notes for your setups.  Several continue to perform well, such as, CENT, BSFT, and YNDX. 

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