It was a rocking week in the stock market. You know I like to buy breakouts, and it was breakouts galore this week. I felt like I was finally back in my element after being on the wrong side of the market for most of the year!
First up was KO. Seeing it clear the recent high at 51, I saw an upside breakout and picked up 1 lot in each account at about 52. Note how up volume has been swamping down volume in recent days - not even counting Friday's monster volume which was probably options related.
Next up was XLB - Select Materials ETF. This was an add-to after last weeks entry at 30.80, I added another lot in each account at $31.46. This is a commodities play and it cooled a bit on Friday.
The runaway winner on the week was AAPL. I picked up 100 shares in each account early Wednesday after Cramer's scoop about the accounting change - and a new target of $244. I paid just over 179 in each account and picked up almost 6 points in each account since then.
On a related note, I picked up 100 RIMM in each account at about 83.5 on a sympathy trade with AAPL. RIMM didn't move much from there and is coming up against recent resistance at 85. Earning are coming up this Thursday, so I have to watch this one carefully.
Next up was EEM - Emerging Markets ETF fund. This was recommended by Elaine Garzarelli on NBR 2 Friday's ago. I paid $39.05 for this and its more or less unchanged since then.
Next up was PWRD - Perfect World. This is a Chinese on-line game maker. The stock ran up to a minor new high at $45 then pulled back. I bought 100 shares in each account at about $44.30 and i'm down slightly on this position. I'm sticking with it because the stock has excellent fundamentals.
Last up with my old friend SXCI. After taking a healthy profit in the low 40's, the stock worked its way higher and looked like was forming a double top at $44. In Friday's action the stock blew through the old high at $44 and was trading at about 45.5 by the time I saw it. So I plunged back in and bought 100 shares in each account at $45.5. After a short pullback, the stock rocketed higher and closed the week at a new all-time high of $47. Also, volume was a record high of 3.6MM shares showing serious institutional support.
That's all for now, more in the Positions Update. Enjoy your Saturday.