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Quinceanera

By Tim KnightStock MarketsAug 03, 2021 01:07AM ET
www.investing.com/analysis/quinceanera-200595641
Quinceanera
By Tim Knight   |  Aug 03, 2021 01:07AM ET
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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:ALLY) 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
ALLY Chart

Boeing (NYSE:BA) 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
BA Chart

Bank of America (NYSE:BAC) 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
BAC Chart

Caterpillar (NYSE:CAT) 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
CAT Chart

Cummins (NYSE:CMI) had a good breakdown today, so I dragged the horizontal support line lower (since I wanted to reset the alert level).

CMI Chart
CMI Chart

I entered my John Deere (NYSE:DE) position on Friday, and it’s pretty much a twin of the CAT setup.

DE Chart
DE Chart

Foot Locker (NYSE:FL) is working its way toward horizontal support. The long-term trendline is already broken.

FL Chart
FL Chart

Weakness in energy stocks helped drive Halliburton (NYSE:HAL) lower.

HAL Chart
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
IWM Chart

Magna International (NYSE:MGA) powered higher, but it dropped again, forming a shooting star pattern.

MGA Chart
MGA Chart

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 (NASDAQ:MU), however.

MU Chart
MU Chart

Royal Caribbean (NYSE:RCL) is weakening, as people are slowly freaking out again about Covid.

ROL Chart
ROL Chart

Timken (NYSE:TKR) had an insane day, but in the end, it was much lower than last week.

TKR Chart
TKR Chart

Tronox (NYSE:TROX) is still neatly below its big saucer reversal patttern.

TROX Chart
TROX Chart

Finally, Travelers (NYSE:TRV) 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
TRV Chart
Quinceanera
 

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Quinceanera

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