Open Positions Follow-up
Each day Steve adds a brief summary of his trading decision for all open positions. This is in addition to the market comment alerts members receive in the morning and during the last 30 minutes of the trading day.
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7/27 CETV. If you bought it with a stop on the positive open, continue to hold. If you saw that it opened and immediately started backing off, don't buy it until it comes back up through Wednesday's high of $48.78. 7/28 it consolidated nicely. We would definitely be buying on strength, at anything above $48.78 on Friday. 7/29 it's kind of consolidating. This one needs to show strength on Monday to continue to hold. 8/1 it's still moving in an upward direction, continue to hold. 8/2 it's still trying to move in an upward direction. Use a close below $48.00 as your stop. 8/3 it's flattening out but the stochastics are trying to curl back up. Hold it for a couple of more days. Use a close below $48.00 as your stop. 8/4 continue to hold. Still use $48.00 as your stop. 8/5 it held up, continue to hold. 8/8 continue to hold. Now use a close below the $49.00 level as your stop. 8/9 continue to hold. Use a close below $49.40 as your stop. 8/10 it's moving up nicely, continue to hold. 8/11 it's still trying to move in an upward direction, continue to hold. Give it a few more days. 8/12 it's still in a slow uptrend, continue to hold. 8/15 it's getting a little bit toppy. Be ready to close this one out on a weaker open on Tuesday. 8/16 it opened slightly weaker and immediately moved up. Continue to hold and use any trading below Tuesday's low of $50.29 as your stop. 8/17 it's trying to break through to new highs, continue to hold. Use any trading below $50.29 as your stop. 8/18 it's getting toppy. Be ready to close this one out on any trading below $50.20. 8/19 it's still trying to move in an upward direction. Continue to hold. Use a close below the $50.20 level as your stop. 8/22 it broke out nicely on Monday, continue to hold. It's still in an uptrend. 8/23 it's still moving higher, continue to hold. 8/24 it's still in a nice uptrend, continue to hold. 8/25 it did some consolidation on Thursday. Now use any trading below $52.56 as your stop.
7/21 Bought MTLG on the open. It opened a little bit higher but backed off. However, it gapped up above the 50 day moving average. If you bought it, continue to hold using a close below the $13.50 area as your stop. Anticipate a day of consolidation before this moves up. If you haven't bought it, be prepared to buy this aggressively if it moves back up above the $14.20 area. 7/22 this one needs to be bought on strength on Monday. It has moved up nicely. 7/25 it consolidated a little bit but anticipate that it will hold above the 50 day moving average. Continue to hold. 7/26 it's still trading slowly upwards. It looks like it will trade much higher on Wednesday, continue to hold. Apparently it had reported earnings 20 cents better than estimates. 7/27 it moved up nicely. Continue to hold. It's now at the recent high. Hold this until you see a sell signal, which may be awhile. 7/28 it continued to move higher. Continue to hold. Look for it to at least test the 200 day moving average at the $18.00 range. 7/29 it is moving up nicely. Look for it to test the $18.00 area. Use a close below $16.00 as your stop. 8/1 still use a close below the $16.00 area as your stop. 8/2 it came right back up again. It formed a Bullish Harami. Still use a close below $16.00 as your stop. 8/3 there is a little bit of congestion. You might want to take off one half of the position. Now use any trading below the $16.25 level as your stop.