We're Locking in Big Gains on 4 Holdings Flashing Deeply Overbought Conditions
We’re also adjusting our ratings on three of these positions.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
AMZN | Sell | 80 | 253.20 | 801 | 3.5 |
ANET | Sell | 155 | 163.50 | 1,240 | 3.5 |
AVGO | Sell | 28 | 403 | 432 | 3.0 |
MRVL | Sell | 325 | 139 | 1,460 | 3.5 |
After you receive this Alert, the Pro Portfolio will make the following trades:
-- Sell 80 shares of Amazon (AMZN) at or near $253.50. Following the trade, AMZN shares will account for roughly 3.5% of the Pro Portfolio's assets.
-- Sell 155 shares of Arista Networks (ANET) at or near $163.50. Following the trade, ANET shares will account for roughly 3.5% of the Pro Portfolio’s assets.
-- Sell 28 shares of Broadcom (AVGO) at or near $403. Following the trade, AVGO shares will account for roughly 3.0% of the Pro Portfolio’s assets.
-- Sell 325 shares of Marvel (MRVL) at or near $139. Following the trade, MRVL shares will account for roughly 3.5% of the Pro Portfolio’s assets.
Following on our comments about the market melt up pushing it deeper into an oversold condition, we are being disciplined investors and using the quarter-to-date surge to lock in some very big gains for the Portfolio and for members.
The trim trades we're making here are in holdings that have, like the market, moved deeply into overbought condition based on their relative strength index (RSI) levels. There are a few other positions that are approaching an overbought condition, and if we see the rally continue, we may be inclined to make a similar move with them in the coming days.
In keeping with these trades, we will also downgrade AMZN, ANET and AVGO to Two ratings from One. We will assess our panic points over the weekend and look to share more comprehensive updates on those early next week.
Related: New AMD Price Target as Shares Reach New All-Time High
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of Publication, TheStreet Pro Portfolio was long AMZN, ANET, AVGO, and MRVL shares.
