💼 Inside the Portfolio: Updates from our Swing Trading Desk

16 Oct2024 - Insights, adjustments, and forecasts about our latest swing trades 💹

The US stock market encountered early turbulence this week as unexpected developments impacted investor sentiment. In response to these volatile conditions, our investment strategy has been centered on prudent portfolio management and risk adjustment. Despite the challenges, we have made several strategic moves to protect our gains.

CRK (Comstock Resources Inc., NYSE): We closed our position at breakeven after a gap down on Tuesday, prompted by oil-related news indicating that Israel will not target oil infrastructure in Iran. This decision reflects our cautious approach amid uncertain market conditions.

CART (Maplebear Inc., NYSE) and HOOD (Robinhood Markets, Inc., Nasdaq): Both positions were closed with profits after implementing breakeven stops. CART broke below the 10-day exponential moving average, while HOOD experienced consistent sell-offs at the open, prompting us to secure gains and exit.

SYM (Symbiotic Inc., Nasdaq): Currently, SYM remains the sole survivor in our portfolio, showing a favorable pullback on very low volume. We are optimistic about increasing our position in SYM in the coming days, contingent on supportive market conditions.