Quantitative Strategy – Automated Portfolio Update
|ASSET `CLASS||TYPE||LONG or SHORT||DAILY %||MTD %||QTD %||YTD%|
Plenty of trading action today both on the long and short side as our signals detected plenty of high-probability opportunities. We are seeing some strong momentum stocks pulling back which provide good entry points for near term upside. An example is GOOGL which we went long on Friday and performed extremely well today. Today MMM, ATVI, DOV and WMT are added to our Medium-Term portfolios, the former 2 are momentum plays and latter 2 are contrarian technical plays on oversold conditions. On the other hand, we put on a ST short position in WDC, which we are long in our medium-term portfolio, as a hedge as technical divergence may put downward pressure at least in the short-term.
Chart in Focus
RHI – Short-Term Long
Entry Point(s): 38.78
Comments: Broke long-term downtrend and Sept swing high with wide ranging bar. 200DMA target is next.
MMM – Medium-Term Long
Entry Point(s): 171.4
Comments: At bottom of bullish channel, should find support here and good-risk reward that we bounce back towards the top of channel
WDC – Short-Term Short
Entry Point(s): 59.26
Comments: Temporarily bearish to workoff negative technical divergences. We remain long in our medium-term portfolio.
DD – Short-Term Short
Entry Point(s): 68.94
Comments: DD is in a round-top formation as bullish momentum is fading and closed with a doji at major swing point from August and June. Short here with a stop above 71