Updates on 13 Positions as Dow Jones Hits All-Time High
I am managing risk and keeping cash as I review multiple biotech and technology setups at a volatile time.
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Market breadth is running 57% positive on Tuesday morning, but the DJIA is leading the charge again as it hits a new all-time high. Goldman Sachs (GS) , Microsoft (MSFT) and American Express (AXP) are the heavy hitters driving the Dow performance.
The big-cap technology space is looking mixed, with Alphabet (GOOGL) and Nvidia (NVDA) lagging behind. We are also seeing some profit-taking in high-PE growth (FFTY) following a significant bounce. The Russell 2000 (IWM) is holding steady, but there are a few pockets of strong momentum so far.
Managing Risk and Keeping Cash
I have been resizing a few positions and raising some cash lately. I am still close to 85% long, but I am keeping very tight stops on my positions. I’ve been maintaining bigger size in some of my favorite names, which is the main reason my cash levels aren't higher.
Many of my small-cap holdings have earnings coming up in the next week, so I am watching them with a very close eye.
Biotech and Technology Setups
Amprius Technologies (AMPX) is a battery play that spiked on news of its manufacturing partnership with Nanotech Energy. It pulled back sharply last week in the poor market but hit support at the 50-day and bounced. I am looking for additional entries as it finds new support.
Alto Neurosciences (ANRO) is one of my top biotech plays. It regained its 50-day and should form new support here. There is no confirmed earnings date yet, but I want to add to this one.
Dutch Bros (BROS) is under pressure due to valuation, so I sold that position.
Cullinan Therapeutics (CGEM) is a great chart setup I highlighted recently. It broke out and faded but quickly found support. I still love the chart and am increasing my position further ahead of earnings around February 26.
ClearPoint Neuro (CLPT) has found support and is building a foundation as it awaits news from the FDA regarding uniQure (QURE) . Earnings are expected on February 25.
Delcath (DCTH) is another top biotech pick that sold off in the weak market last week. It has since bounced back to the 50-day. It trades very thin and is volatile, with earnings coming up on March 5.
Electrovaya (ELVA) had a huge run from $4.50 to $11.50 before pulling back. It hit the 50-day and bounced, so I added back some shares I sold and am looking to increase the position further.
Alphabet has struggled since its strong earnings report on February 4 due to concerns about CapEx spending. It is struggling to hold the 50-day, but I am a buyer on weakness because of the continued strength in Gemini AI.
Harrow (HROW) was caught in an ugly downtrend for a couple of weeks but recovered nicely. It is back over its 50-day after reaffirming guidance, and the full report is due March 9. I am an opportunistic buyer here.
Meta (META) is in a similar spot to GOOGL. It has support at the 50-day, and I will consider building this up if it holds in the $660 area.
NeoVolta (NEOV) is another battery play that is ramping up substantially. I’ve discussed it several times and have a sizable position. It held key moving averages and is looking solid.
TerWulf (WULF) was discussed on Monday. I increased my position and will add further as it pushes for a breakout over $17.25. It has good momentum right now.
Xeris Biopharma (XERS) is a biotechnology play I am building up substantially as it drifts on low volume. Earnings are expected around March 5, and I expect an upbeat report and good guidance. It looks like fairly low risk around $7.
At the time of publication, DePorre was long AMPX, ANRO, CGEM, CLPT, DCTH, ELVA, GOOGL, HROW, META, NEOV, QURE, WULF, XERS.
