[Platinum Watchlist] (8.3.23)

Good morning. 

Market conditions continue to be influenced by Fitch’s decision to downgrade the country’s sovereign credit rating from AAA to AA+.  

Warren Buffett said he is not worried about the recent U.S. downgrade by Fitch but noted the concerns are valid. Berkshire bought $10 billion in U.S. Treasuries on Monday. “The only question for next Monday is whether we will buy $10 billion in 3-month or 6-month,” Buffett said. If I had Warren’s wealth, I wouldn’t be worried either and when he buys Treasuries, it’s at a much higher rate than you or I can get from the Treasury Department. 

Price action in yesterday’s markets was down across the board and triggered some sell limits in the swing trade portfolio. The details are described in the posts above. 

CADE is the remaining position in the Paper Trade Portfolio. It closed above the cost basis and all the critical SMAs. All the oscillators remain in the green. Support can be found at the ascending 9-day SMA with resistance around 26.18. This position is currently providing the paper trade portfolio with a $0.19 / share unrealized gain as of yesterday’s close. 

For the first 3 days of August, the Paper Trade Portfolio is up $545.00 in less than friendly market conditions. 

It is important to use stop-losses to protect your profits. This will help you to limit your losses if the trade goes against you. 

I will be on vacation next week, so my ability to focus on market conditions will be limited. I plan on updating the Horizon and < 200 stock lists by Monday morning as usual, however I don’t plan to add positions to the “Watchlist” Paper Trade Portfolio as my ability to monitor price action will be limited. 

Have great day!