The Chart Book: +30% Gains in Tilray (TLRY) + New Set-Ups in Spotify, Netflix and Nike

Our Tilray trade closed the week up 30% which puts us in a great position for the week ahead. We also closed positions in CVNA and CTXS.  

A few thoughts on the overall market before we get into our open positions and the new charts for the week (SPOT, NFLX & NKE) – the S&P made an all-time high last week (pretty quietly…) and looks poised for further gains.
Best to be cognizant that a correction could occur at these levels and chasing trades here can be a little risky.

Our goal this week is to balance out our portfolio and also look to get into some of the stocks noted above on pullbacks.  

Some housekeeping items related to the Chartbook:

  • As you are aware, the Chartbook is currently in beta testing and is being offered at no cost
  • We will be rolling this feature into the overall Stock service for our current clients in the coming weeks

Let’s dig into our positions and setups for the week…

Running total of our closed positions: (net % moves of the stock)

1. ROKU –  Gain of 35%
2. CRON –  Loss of 8%
3. TTWO – 15% Gain (1/2 size @ 8% & 1/2 size @ 21%)
4. CVNA –  Gain of 11% (1/2 size @ 17% & 1/2 @ 5%)
5. ABBV –  Loss of 7%
6. AMZN – 
Gain of 4% (1/2 size @ 2% & 1/2 size at 6%)
7. CTXS – Loss of 3%

Open positions:

1. CVNA (Short from $72) – We hit our adjusted stop at $68.50 and closed the last half of our position for a 5% gain – which means we are adjusting the overall gain from 17% down to 11% (to average out the two half positions we closed).  Had hoped to see this one melt away, yet a good profitable trade – we may see this name in the chartbook again soon! 

2. URA (Long from $11.60) –  Currently trading at $12.20, we are up ~5% on our position.  Nothing to do here – keeping stops at $11.25 (~3% risk). 

3. IP (Long from $44) – Currently at $43.61.  Keep stops at $40.70 (~7% risk).  The chart is looking fairly strong again so we expect an upside move to start gaining momentum in the next week or two. 

4. BAC (Long from $28.40) – Trading $28.08 – continue to hold.  Will re-evaluate the position if prices fall below $26. 

5. CTXS (Short from $96)
 – Our $98.50 stops were hit (just shy of a 3% loss).  We will take a small loss and move on…

6. TLRY (Long from $39) – Trading at $50.16 – a massive move last week has put us up nearly 30% in this position. Let’s exit half the position at either $51.90 (our original first profit) or at $48 – whichever happens first.  We want to be able to hang on to the remainder of our position for a move into $60.   Stops on the overall position at $42 for now. 

7. TWTR (Long from $36.29) –  Trading at $35.01 – Prices have moved against us into an important support level.  If we don’t start to get a bounce soon, we will need to adjust the wave count.  Nonetheless, keeping our stops at $33.50 (7% risk).  Exit half position at $43 should price move in our favor. 

New ideas for this week –   Square (SQ), Spotify (SPOT), Netflix (NFLX) & Nike (NKE)

NAV – Price action has not done what we expected – removing from the watch list. 

SQ
 – Our $69 entry did not get triggered here. We still want to be a buyer, and lowering our entry down to $68.15 makes sense.  Stops still at $59.50, with $79 as our first take profit level. 

SPOT – Looking to buy @ $137 with stops at $119.50.  First profit level at $167. (Chart below)

NFLX – Buying a HALF position at $322 – stops and profit levels open for now. (Chart below)

NKE – Looking to add some short exposure with Nike.  Earnings will be released this week so expect some volatility.  Go short on the open with stops at $90.50.  Move stops to break even if we get below $83. 

Spotify (SPOT)

Spotify (SPOT) chart | Aspen Trading GroupNetflix (NFLX)

Netflix (NFLX) chart | Aspen Trading Group

Nike (NKE)

Nike (NKE) | Aspen Trading Group

If you’d like to see the previous Weekly Chart Book Updates, they can be found here: https://www.aspentrading.com/chart-books/ 

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