As for the model portfolio, $LNTH and $SWAV have held up well during the recent pullback in the averages. However, both report earnings within the next two weeks and will require a profit buffer of at least 5% to hold through the report.
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$GTLB could be in play soon after Monday’s test of the 20-day EMA. Look for a potential shakeout below the 20-day EMA Tuesday morning, followed by a reversal higher.
Some oil stocks are at important levels and may be vulnerable to more selling if they fail to hold. $CLR and $OXY are struggling with the 50-day MA.
$LI closed with a bullish gap down reversal candle and could be back in play with a move through the prior day’s high and 20-day EMA.
The graph below shows the percentage gain of several stocks and broad-based ETFs since the close of 7/14. Although $LNTH has kept pace with $QQQ, growth has struggled while junk off the bottom ripped higher.
Small cap growth ETF $IWO also reclaimed the 50-day MA.
$VRRM’s “shakeout to breakout” attempt failed on volume. Look for the price to chop around in a tight range during the next few days as a sign of strength. A break of Monday’s low with further weakness would be a negative.
Healthcare is leading the market higher and $LNTH is one of the better-looking charts in the sector. Its 20% deep and 6-week long base is a great look in this market. The relative strength line vs the S&P 500 is already at new highs and the IBD relative strength ratings are solid.
We plan to add over the base high. Earnings 7/27.
With the Nasdaq getting hit hard during the first 15 minutes of trading, we took profits in $XBI and sold all of $HRMY and half of $LNTH to reduce risk (both small losses). The market recovered, which is fine as we can re-enter positions as they show strength or put money to work in other setups.
Per intraday alert, we added back the shares of $LNTH we sold when it cleared the prior day’s high and $68 pivot.
$XBI closed with a bullish reversal candle and is in play over Tuesday’s high. This is an official entry with a buy stop looking to add back the 2% position we stopped out of on Tuesday.
