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We did not have much to trade during most of the month. Towards the end, we had a great run in TSTC(almmost 40%) and some nice setups in VMW, BIDU,MELI, IGTE, IDSA, RBCN, WYNN, LVS and TRW.
Couple of days back we said that the market looks little extended and we will wait for a pullback to open positions in the above mentioned stocks. In the last two days, we got that pullback and we opened/added positions in VMW,BIDU, TRW, RBCN and MELI today.
We are waiting for WYNN , LVS and IDSA to break out.
Overall, the market acted very well today and it might be setting itself for a breakout above the 200 day.
Casino stocks like WYNN and LVS have formed solid bases and are looking to breakout. The earnings have been recently in these stocks. Following is the chart of WYNN . Once this base building is complete it might surge 20-30%, just like it did during the March-April 2010. TRW has also similar chart and is looking great.
RBCN is lookingto bounce back from it’s 50 day(around $30) and this might be a great place to add/open new position. MELI is giving us another opportunity right here too. We bought some MELI today around $61.8.
RBCN pulled back from $36 to $30 in just 24 hours. This is close to the 50 day too. Everytime it kisses the 50 day, it jumps back up and the 50 day has been a great support. If you missed the breakout couple of days back, this is a great setup to buy right here. Youcan cut your loss if this closes below $29.
MELI also pulled back towards it’s pivot of $62.5-$63. We think that you can buy this great stock right here.
We opened a small position in IGTE as it has been consolidating on it’s 10 day around $17.
Keep an eye on IDSA. It is around the $16 level now. We are waiting for it to pullback toward$ 15-$15.25 level.
So far, some of the leaders pulled back and they are worth giving it another shot here.
The market might be extended here a little bit in the short term. We took profits and closed positions in the valueplays(TSTC and FUQI). As we said before, these value plays run for 1-2 weeks and we had a great run in TSTC(around 40%) in 4 days. So, we are being prudent here and taking profits. We took half profits in VMW, MELI and RBCN. We will wait for a dip here to enter the market again.
If you have missed the breakouts recently, it’s better to wait for a pullback in the market and then buy these breakouts when they pulback to the recent breakout pivots or to their 10,20 day. We will provide these pullback in a timely manner(if and when it happens). One such example is IDSA. We missed the breakout around $15 and it surged to $18. We will wait until it pullsback towards the $15 level and then buy this. IDSA had recently announced strong earnings and the chart looks great.
TSTC had a scorching run in the last 3 days. It’s up another 13% today. We spotted this value play when it was around $9-9.5 and now it’s almost a $13 stock. This is almost a 30% run in just 3 days and we are going to take some profits in this stock at this level. Another value play FUQI is up 6% today. We added some stocks liek FNSR, BIDU and MELI to our watchlist yesterday. FNSR jumped by 4% today from a solid base, MELI rocketed higher by 6%, RBCN surged 6% and BIDU broke out with a 3% gain today. Overall, our picks had a strong day so far and we are taking some profits here as the S&P is still below the 200 day and we had a great run in the short term.