Hi everyone. The stock market rebounded nicely last week, and I suspect we will start facing some resistance near the previous all time highs. As a result, I think now is a good time to sell or go short for the near term (<1 month).
SPY daily chart below:
I bought more PRLD today after seeing how low the price was. I had one more limit order months ago set near 20 or 25, but since the price never got there in the 60 days, the limit order expired.
I bought another 155 shares at $16.15 today, which is double my share position. My average cost basis is now about 22 (previous 145 shares were bought at an average price of 28.88). The total risk on the investment (if the stock price went to 0) is slightly over 5% of my total account value.
PRLD weekly chart below. I’ve completed my final purchase of the stock and won’t be buying anymore.
Since I have some income from teaching now, I plan to use any money I save to buy more shares of BABA. I may also start a position in INTC or ABBV depending on their prices.
Thanks for reading, and I’ll see you next week!