Collective2 update
Heavier volume selling has pushed the indices out of their 3-day comfort zone. I have used this as an opportunity to raise stops for the 3 existing positions in the Collective2 portfolio.
Inner Workings (INWK) has set up a good swing trade opportunity given the narrow range the stock has traded over the past couple of days. The stochastic 'sell' trigger is weakened somewhat by the strengthening bull trend (ADX is on the rise). This could result in a head fake down before the upward trend resumes, but I am not taking this risk and have tightened the stop according to recent day's support.
LJ International (JADE) I have seen mentioned in a couple of blogs of late - including a Wallstrip piece. The stock was one of the few winners on the day as it worked itself off support. I have maintained the original stop but looking for a more substantial drive past resistance.
OMNI Energy Services (OMNI) has retreated back to a support level of a potentially bearish rising wedge, but the stock has a nicely positioned weekly picture (accumulation has been on the rip). If OMNI is at support there should be a bounce tomorrow.
For disclosure purposes I bought JADE at $11.51 the day after I featured it in the portfolio and had owned OMNI until an overzealous stop left over a $1 a share on the table (based on my Collective2 stop). My funds didn't stretch to owning INWK.
Collective2
Inner Workings (INWK) has set up a good swing trade opportunity given the narrow range the stock has traded over the past couple of days. The stochastic 'sell' trigger is weakened somewhat by the strengthening bull trend (ADX is on the rise). This could result in a head fake down before the upward trend resumes, but I am not taking this risk and have tightened the stop according to recent day's support.
LJ International (JADE) I have seen mentioned in a couple of blogs of late - including a Wallstrip piece. The stock was one of the few winners on the day as it worked itself off support. I have maintained the original stop but looking for a more substantial drive past resistance.
OMNI Energy Services (OMNI) has retreated back to a support level of a potentially bearish rising wedge, but the stock has a nicely positioned weekly picture (accumulation has been on the rip). If OMNI is at support there should be a bounce tomorrow.
For disclosure purposes I bought JADE at $11.51 the day after I featured it in the portfolio and had owned OMNI until an overzealous stop left over a $1 a share on the table (based on my Collective2 stop). My funds didn't stretch to owning INWK.
Collective2
