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 (NYSE:) 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.
ALLY Chart
Boeing (NYSE:) is doing nicely, and it has gone down every day since I suggested to premium members that it might be a good bearish setup.
BA Chart
Bank of America (NYSE:) 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.
BAC Chart
Caterpillar (NYSE:) 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.
CAT Chart
Cummins (NYSE:) had a good breakdown today, so I dragged the horizontal support line lower (since I wanted to reset the alert level).
CMI Chart
I entered my John Deere (NYSE:) position on Friday, and it’s pretty much a twin of the CAT setup.
DE Chart
Foot Locker (NYSE:) is working its way toward horizontal support. The long-term trendline is already broken.
FL Chart
Weakness in energy stocks helped drive Halliburton (NYSE:) lower.
HAL Chart
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.
IWM Chart
Magna International (NYSE:) powered higher, but it dropped again, forming a shooting star pattern.
MGA Chart
My semiconductor plays have been losers. I got out of and last week, both at losses (and good thing, too, since ON absolutely exploded higher on Monday). I am still in Micron (NASDAQ:), however.
MU Chart
Royal Caribbean (NYSE:) is weakening, as people are slowly freaking out again about Covid.
ROL Chart
Timken (NYSE:) had an insane day, but in the end, it was much lower than last week.
TKR Chart
Tronox (NYSE:) is still neatly below its big saucer reversal patttern.
TROX Chart
Finally, Travelers (NYSE:) is in the same situation as BAC and ALLY—the entire financial sector needs to weaken, and all this fellows can then melt away.
TRV Chart