This is going to be rather quick, but it's to let all of you see what I've been doing in my portfolio over the past two days:
- Dropped last half of HERO yesterday for +0.54, +16.36% gain. The average total gain for the HERO trade was +0.46, +13.94%.
- Added JASO @ 4.70 and AMKR @ 5.50 at the close yesterday.
- Dropped ABX this morning @ 34.20, closing the position for a +1.45, +4.43% gain.
- Holding JASO and AMKR into the weekend.
With my recent trading action, my exposure has changed a significant amount. I am now 32% long (all of which is out of the Semiconductor sector) and 68% cash.
Because I am holding JASO and AMKR over the weekend, I've decided to map out what I'm looking at via technical analysis and why I have confidence in these two positions (along with the rest of the Semiconductor sector). Let's review JASO first:
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JASO 6 Month, Daily
As seen in the chart above, JASO is currently experiencing a bit of a breather today at the halfway mark of the trading session. JASO, however, has a ton of security support wise when discussing where its simple moving averages (SMAs) are on its chart. It's SMA prices on the chart are as follows:
- 50 Day SMA = 4.40
- 5 Day SMA = 4.36
- 20 Day SMA = 4.34
Not only does it have SMA support padding, but in case it breaks through all of these supports today, it also has a price support @ 4.26. I've chosen JASO to hold over the weekend due to its stability (for once) and because of the strength of the $COMPX.
The same scenario goes for AMKR as well:
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AMKR 1 Year, Daily
AMKR's support came right when the price of the stock double bottomed @ 4.28. The 50d SMA at this point in time held AMKR in place and, when the momentum in the stock picked up, volume accumulation skyrocketed and sent AMKR's price with it. It's currently being driven by the $COMPX momentum and the 5d SMA, thus I'm holding AMKR over the weekend due to its strength.
Trust me, there are plenty of other Semiconductor names that I would have added yesterday (MRVL, WFR, SNDK, MCHP), but I limited myself to two tickers so I wouldn't overexpose myself both on the long side and on the technology side of the markets. With all of this being said, I am still sketched out with what next week brings. Thus, I will be trading the market this afternoon with extreme caution.
Two things to look at going into the 3:00pm volatile time are:
- Volume
- VIX
Keep an eye on your V's and you're afternoon will be a breeze! Enjoy the rest of your trading day everyone.
ZM
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