15 Apr, 2019

Trade Plan of the Week 4/15/2019

Happy Tax Day!

Last week, our pick was RH and it had a great week! Unfortunately, I didn’t get in on that because I didn’t get the price I wanted. I didn’t want to chase it but in not chasing, I lost out on a nice move. This is ok. I would rather watch a stock that I didn’t buy run than watch one that I did buy fall.

The Market is getting closer and closer to all time highs the S&P closed the week above 2900 and the Dow is sitting slightly further below all-time highs but it’s still getting close. I wouldn’t be surprised if the market moves slowly though this area. It might pull back slightly but I think that sort of thing will be short lived for this week.

I’m watching Tenneco Inc (NYSE: TEN) this week. This had a large drop in March and now a very nice rounding pattern where it has begun to come back and volume is starting to move it more and more each day. If we get a small dip in the morning, I’ll look to buy in around $25.50. I’ll probably increase that a bit if my order hasn’t filled by mid-day. From looking at the daily charts for the last few weeks, this stock doesn’t really gap up very much. I wouldn’t be interested in buying it out of the gate in the morning if it gaps up more than 10-20 cents or so above Friday’s close. If this happens, I’ll wait for it to come back down (If it does).

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