[Platinum Watchlist] (7.28.23) 3 Stocks To Watch

Stock futures are up this morning prior to the release of the PCE data.  

Yesterday we exited COP as price action approached its intermediate resistance level for a COP announces earnings next week and with price action so close to a resistance level, I felt comfortable taking the paper trade profit. You can check out the details in the above post. 

On 7-26, I exited BAX a day prior to earnings for 48.83, a gain of 4.2%. After earnings came out, BAX price action gapped down to close at 45.48, which was $1.38 below the cost basis. Had I not exited prior to earnings, the gain of $197.00 would have turned into a loss of -$138.00. This was a price decline of $335.00 from our gain to a potential loss in 1 day. This is why I exit prior to earnings. Now, price action does not always go down after earnings, but why would I take the chance? 

Yesterday we highlighted MU and DUK from the Horizon and < 200 Stock lists.  

MU gapped up along with other chip makers as Intel announced a surprise in earnings. THe difference was gains of 3.30 / share vs $6.99 / sh. Market conditions such as this announcement can increase price action volatility in either direction and cannot be anticipated by TA. In some cases, this is why you may want to sell 1/2 of the position depending on your risk tolerance. 

After wicking through the 200-day SMA on Wednesday, DUK (from the < 200-day stock list) closed down 1.17% yesterday. We also see the Stochastic is now below the %D line with some rolling over of the RSI and MACD. 

 As it is Friday, I will follow my personal trading guidelines and not initiate any new positions prior to the weekend. So far for July, we have entered 16 trades with only one losing position giving us paper trade gains of $3185.00 for the month. This does not include gains from Horizon or < 200 stock list. 

Have a great weekend. 

See you on the ZOOM Call This information is for educational purposes and not a recommendation to buy or sell a stock