Another great week for us as the market showed strength once again, so all our favorite breakout setups were working. At this point, the market has been on such an incredible tear, however I did take a lot of risk off the table at the end of this week due to how desperately we need some sort of consolidation in the indices. Holding onto winners has certainly paid this earnings season as you can see in the recap just how feasty it's been for us (and I'm sure I missed more than a few - but there are like 20 big winners there). I'm also taking that as information in itself as I see the outsiders who were scared shitless a month ago are now beating their chests in victory. Account management is always the top priority along with using your own emotions as information.
Many stocks continue to breakout but I remain cautious at these levels, especially with all the headline risk going on. Still taking trades but definitely not going after anything with max risk on. Riding the wave, but cautiously after the market has gone virtually straight up for 20%.
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Not dying to throw on brand new risk at 9:30 Monday Morning after the run we've been on.
Many of the best names have already broken out as you can see below.
Shopify came through Feb 12th and dropped a great earnings report showcasing continuous growth and the buyers came ready to buy the hell out of that gap down Tuesday. It's already been a huge winner for us this quarter and look to keep that trend in tact next week through $180 resistance. The more consolidation we get in front of the level, the better, but I don't expect this one to wait around too long.