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[Platinum Watchlist] (2.1.23) updates of stocks on our watchlist

[Platinum Watchlist] (2.1.23) updates of stocks on our watchlist
August 21, 2023

It’s FED rate hike announcement day and at moment of this post the DJIA and S&P are down .33% & .15% respectively with the Nasdaq up .09%. I expect sideways trading until the FED announcement.  

LMT closed up yesterday after wicking down to the 20-day SMA which is acting as support. All our indicators are in the green as of yesterdays close, but with expected market volatility today I’ll set stop limits to defend our gains and assure we have no paper trade losses today. Our cost basis is 455.35.  

ADBE was put on the watchlist on 1-30 with a cost basis of 363.15, which was the support level at the 200-day SMA. Yesterday price action closed up at 370.64. There was a slight negative crossover of the SS and there is resistance at 373.42. If you paper traded into this position, be sure to set stops above your cost basis to preserve your gains. Support would be the 200-day SMA.   

SFM was put on the watchlist on 1-30 with a cost basis of 31.75, which was the support level at the 20-day EMA. Price action yesterday closed at 31.95 so up slightly. There is not much room for a gain at this point. If it breaks down through the 20, the next support level would be the 9-day SMA. 

I didn’t include these positions (SFM / ADBE) on the paper trade portfolio tracker as these were trades, I would not make this week because I didn’t want to add any additional paper trade positions prior to the FED rate announcement. I have a risk adverse trading strategy. 

However, others may be more risk tolerant, which is why I include them on the watchlist. Follow your trading guidelines and protect your gains and or reduce your potential losses.   

ED, CPT and GD (mentioned yesterday) are still on the horizon and do not currently meet the requirements of the guidelines.  

This information is provided for educational purposes only and is not a recommendation to buy or sell a security. (edited)

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