NPP Trades Watchlist Week of 8.26.24
It was a big week for entries as all of the names I have been following set up for buying opportunities. In fact, I went on such a buying spree that I am at my max of 8 swing positions. That means I cannot buy another stock until either 1) I get stopped out of one or 2) One hits its ultimate target. So it could be a bit before I have any new ideas. That said, I will continue to post about my current holdings’ progress and any updates on hedges and stop losses moving up to higher prices. Here is the analysis on all current holdings:
AMZN
This is a new entry this week. I was looking for a retest of the 10sma and a hold above before entering. We got that yesterday and I entered. As long as the overall market continues grinding higher, I fully expect this name to be a winner. Notes on the chart below.
APP
This has been my biggest winner since entry last week. I fully expect a consolidation after this massive run. The ideal scenario is we see sideways movement for the next few weeks as it builds out a new price range. Then, once the new price range breaks, I move the stop up to the bottom of that higher range assuring a profitable trade. The blue squiggly line represents roughly how I see it unfolding.
FSLR:
I got a nice entry on this last week when it hit the 10sma and held. It is already up 4.3% and looks good for higher after a big green candle on Friday that closed above the 50sma (green line)
HIMS
I didn’t get a great entry on this name, unfortunately. My ideal entry was in the $14’s. When I realized that wasn’t happening, I looked for a retest of the 10sma in the low 16’s. We got near there early in the week, but it spiked higher before I got my fill. On Friday, an upgrade caused it to spike past 17, which was my breakout buy point. I bough the first dip at 17.07, but it kept on dipping. A frustrating entry to say the least. Oh well. I believe this name has tremendous upside and my poor entry will be forgotten when we are in the 20’s.
GOOGL
I got my ideal entry around 165 early in the week. It’s had little movement since, but it is holding all the important levels it needs to hold. Just like AMZN, if the market continues moving higher, the odds of this moving with it are extremely high.
UBER:
This is my second biggest winner thus far and it is consolidating beautifully at these higher prices. Just like APP, I expect it to move sideways for the next few weeks, building a higher price range. Ideally, we form the range then break out, allowing me to move my stop to the bottom of the new range and assure profitability. The blue squiggly line is my rough projection.
VRT
I got a decent entry on this early in the week after it retested the 10sma and held. So far so good. What’s really nice about this name is the high call premium it carries. I’m able to sell pretty far out of the money calls for great prices, collecting free money each and every week.
VRTX:
I really wanted this name to fall further into the low 400’s for a fantastic entry. Unfortunately, the market doesn’t always give you what you want. It looks like it is going to hold the 50sma (green line) and head higher. So I bought higher and moved my stop loss higher. It doesn’t give me a ton of room on the downside, buy given the strength of the trend, the odds are good that this proves to be a profitable trade.
That’s all for this week. And like I said, there won’t be a ton of updates other than hedges and stop losses moving up for a little while. Time to just sit back and ride what I got. We’ll chat next week!