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DISCA- As you know we sold off the rest of our position today. Normally, per our strategy, we like to hold the second half of our position until stopped out however, we must not be robotic and look at the entire landscape sometimes when considering each trade. Here is what my thought process was in regards to my decision today. Firstly, it is my philosophy to lock in some solid gains when presented the opportunity in the early part of the year so that we can trade from an area of strength and with confidence. Secondly, as this melt up continues the odds increase for a pullback and perhaps a sharp one. We have a lot of open profits on the table and we are willing to give some back in line with our methodology however, that doesn’t mean we have to put it all at risk. There is nothing wrong with occasionally booking solid profits, and despite what we have been seeing with this bull run, gains of 20, 25 and 30% are nothing to sneeze at. The final piece of this puzzle for me is the chart. There is a long line of overhead resistance dating back almost two full years in the $25-$30 range. Sure the stock may test the top of that range, but when put together with the aforementioned previous factors, we felt the odds were best to lock the gains in now. Hopefully this helps explain where we were coming from with this decision. If you have any questions in regards to this trade don’t hesitate to shoot me an email. Here is a look at the chart.
PSX- When after a long run up, and Phillips is up over 40% in a little over 5 months, you have to be on the look out for a day like this where the stock prints its largest loss in several months of trading. This may end up being a small blip on the radar, but with the markets being so far extended we are more than happy to take this gain early in the year. Additionally, refiners have a very delicate profit structure and when those variables turn they can sell off hard. We also have earnings coming up next week, so all these things considered we felt we should book the profits. Here is a look at the chart.
OVERVIEW: A busy day here at TTP. The markets gapped higher post State of the Union, reversed and turned negative, then rallied a bit into the close. When all was said and done all of the indices we cover here finished modestly higher with the exception of the Russell 2000 which shed 0.49%. The index fell short of registering a distribution day, but the chart is getting a bit dicey. Here is a look.
We can see the index breaking recent trend support and approaching the recent breakout level. The 50 day EMA resides slightly below that level. We have some big earnings reports due, such as Apple, Google and Amazon so things can get a bit interesting……
OVERVIEW: Major indices finished lower for a second straight day with the Dow showing the biggest weakness losing 1.37% with volume coming in heavy. We don’t have the final volume numbers on the Nasdaq Composite, but the Russell 2000, S&P 500 and Nasdaq 100 will all pick up fresh distribution days. These days are now mounting on a couple of the indices, namely the Nasdaq 100 who picked up day number 5 and the Russell which picked up day number 4 over the last 20 sessions. We will keep a close watch of this closely over the next few sessions.