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Just When I Can’t Find a Descent Looking Long Setup, MLNX Comes Along
I won’t talk to much here, but I did add Mellanox Technologies as a long play to the portfolio, bringing my portfolio total to 5 short plays and 1 long play. Mainly MLNX is used to hedge some against my existing long positions, in the case I am wrong about the market’s direction going forward (which happens to be bearish).
Essentially MLNX just filled on gap, and is on its way to fill another one (an old irrelevant bullish island reversal in the past). Once it gets past $87.14, the momentum should really pick up in this play. Currently my stop-loss on MLNX is at $82.45, but may nudge it up to $83.50, particularly if we see a lot of weakness tomorrow.
Otherwise, if this market does move higher and we get a solid bounce off of oversold market conditions, MLNX should do quite well.
My buy in price is at $86.45. The chart is below.
Ryan Mallory is the co-founder of SharePlanner Inc, a financial website devoted to Day-Trading, Swing-Trading (both long & short) and exchange-traded funds. Ryan makes a strong emphasis on risk mitigation strategies, trading transparency, and trader education – not to mention a great set of stock screens as well.
Be Sure to Check out Ryan’s Site at Shareplanner.com
2012-11-13 20:41:09
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