We're Locking in Big Gains on These 6 Portfolio Holdings
Prudent trimming in an extended market is the name of the investing game.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
AXON | Sell | 19 | 744 | 168 | 2.5 |
BROS | Sell | 150 | 71.75 | 2,370 | 3.4 |
ETN | Sell | 37 | 329 | 593 | 3.9 |
CIBR | Sell | 160 | 71.50 | 2,028 | 2.9 |
MSFT | Sell | 32 | 458 | 393 | 3.6 |
NOW | Sell | 14 | 1,035.50 | 193 | 4.0 |
After you receive this Alert, we will make the following trades:
-- Sell 19 shares of Axon Enterprise AXON at or near $744. Following the trade, AXON shares will account for roughly 2.5% of the Pro Portfolio's assets.
-- Sell 150 shares of Dutch Bros BROS at or near $71.75. Following the trade, BROS shares will account for about 3.4% of the Pro Portfolio's assets.
-- Sell 37 shares of Eaton Corp. ETN at or near $329. Following the trade, ETN shares will make up around 3.9% of the Pro Portfolio'sassets.
-- Sell 160 shares of the First Trust Nasdaq Cybersecurity ETF CIBR at or near $71.50. Following the trade, CIBR shares will account for roughly 2.9% of the Pro Portfolio's assets.
-- Sell 32 shares of Microsoft MSFT at or near $458. Following the trade, MSFT shares will total about 3.6% of the Pro Portfolio's assets.
-- Sell 14 shares of ServiceNow NOW at or near $1,035.50. Following the trade, NOW shares will make up roughly 4.0% of the Pro Portfolio's assets.
With Monday’s close, the stock market extended its winning streak, with the S&P 500 up for six consecutive days. This builds on the pronounced rebound we’ve seen in the market since its April low, but it has also nudged the S&P 500’s relative strength index (RSI) to 69.97, a level that is knocking on the door of being technically overbought. Meanwhile, the positive close for the Nasdaq Composite also inched its RSI level to close last night at 70.93. Fed officials are also making the rounds indicating the market isn’t likely to see a rate cut potentially until September, while Tuesday morning brought mixed quarterly results from Home Depot HD.
All of this has us thinking the market’s move is extended and that is leading us to do some prudent trimming. This will also lock in a slice of gains on positions that have moved considerably higher over the last several weeks, and that, in some cases, are overbought. We will make these trades when the market opens Tuesday morning.
The net sum of these trades today will add to the Pro Portfolio’s cash position, giving us additional fire power for when some of the current froth in the market is removed. We remain on the hunt for fresh ideas, and as we move from initial thoughts to more concrete ones we will share them with you. We will also continue to mine upcoming earnings reports and comments from investor conferences to fine tune price targets for the Pro Portfolio’s holdings, as warranted. Finally, should the market melt up continue, we may opt to do more prudent register ringing where it makes sense to do so.
(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 AXON, BROS, ETN, CIBR, MSFT and NOW.
