Monday ended better than it started, I can tell you that much. My main portfolio, which consists of 15 autumn-dated put positions, did pretty well, and I’d like to write a few words about each of these positions, in alphabetical order.
Ally Financial is doing all right, but it’s still range bound. It’s going to take some serious weakness in financial stocks to get it to crack the horizontal support.
Boeing is doing nicely, and it has gone down every day since I suggested to premium members that it might be a good bearish setup.
Bank of America is obviously also going to require overall weakness in bank stocks, but it is much closer to a breakdown than, say, ALLY. This is a terrific topping pattern.
Caterpillar is a slow mover, but it’s getting there. This chart doesn’t capture just how much a drop-zone there is beneath this pattern. This stock is super-highly valued.
Cummins had a good breakdown today, so I dragged the horizontal support line lower (since I wanted to reset the alert level).
I entered my John Deere position on Friday, and it’s pretty much a twin of the CAT setup.
Foot Locker is working its way toward horizontal support. The long-term trendline is already broken.
Weakness in energy stocks helped drive Haliburton lower.
The small caps have been trapped in a range for literally the entire year. It goes without saying I’d like it to work below the bottom of this range, which would constitute a major trendline break.
Magna International powered higher today, but it dropped again, forming a shooting star pattern.
My semiconductor plays have been losers. I got out of MCHP and ON last week, both at losses (and good thing, too, since ON absolutely exploded higher on Monday). I am still in Micron, however.
Royal Caribbean is weakening, as people are slowly freaking out again about Covid.
Timken had an insane day, but in the end, it was much lower than last week.
Tronox is still neatly below its big saucer reversal patttern.
Finally, Travelers’ is in the same situation as BAC and ALLY – – the entire financial sector needs to weaken, and all this fellows can then melt away.
