After making nominal new highs over a week ago, the market seems to be chopping sideways. Maybe its worried over Greece again, or maybe its just weary as it waits for the next catalyst to really propel it to new highs.
There is going to be a lot of attention paid to Greece and the Eurozone in the coming week, yet it’s important not to lose sight of what’s happening in the stock market here. What’s happening is that the S&P 500 is grinding its way higher while earnings per share growth estimates are shifting their way lower. This quarter saw the biggest drop in corporate profits since 2008.
Something will have to give. The assumption today is that it will be the earnings revision trend that reverses and not the market trend.
The S&P is +2.4% year to date and the Nasdaq is +7.1% We have outperformed both numbers by a wide margin here at Upsidetrader.com, proving that the emphasis is on stock picking and not just “riding” the general market.
Here were our trades in a shortened trading week:
BLUE (partial sale) + $108.17 for a 122% profit.(5 month hold)
FOSL (partial cover of out only short) +$9.70 or 12.3% (17 day hold)
AMBA (partial sale) +$10.00 or +12.6%
PTBI stopped -12.3% (10 day hold)
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