Before I delve into this week’s issue here’s a quick update for the model portfolio and some new recommendations:
Actions to Take:
- Gold miner Newmont Corp. (NYSE: NEM) triggered our recommended stop on close level on April 25th, so as per our methodology in this service, you should be out of the stock as of the morning of April 26th. Based on the volume-weighted average price on the morning of the 26th of $73.05, this sale represents a gain of 19.93% or $735.80 since recommendation on January 24th.
- The iShares Russell 2000 Value ETF (NYSE: IWN) triggered our recommended stop on close on May 9th, leading to its sale on the 10th at a volume-weighted average price of $145.26. The loss since recommendation here is 12.71% or $1,601.92.
- As per my late April flash alert, you should also have booked a 52.10% gain on half your position in the Tuttle Capital Short Innovation ETF ($1,560.20) and you should have added 200 units to the recommended position in the ProShares Ultra Short QQQ ETF (NYSE: QID) at a price of about $22.81.
- Our remaining open recommended positions in both inverse ETFs –QID and SARK referenced above – are now showing sizable gains of 83.4% and 31.1% respectively since initial recommendations in early December of 2021 however, as I explain in this issue, I see the potential for more short-term downside, and I am not recommending you take additional profits on either ETF at this time. Please be prepared, however, as I will likely issue a brief flash alert when the time comes to make an adjustment and book gains.
- I am recommending you add 25 shares to our recommended position in frozen potato company Lamb Weston (NYSE: LW) and 25 shares to your position in Molson Coors (NYSE: TAP) at prices under $70 and $60 respectively, bringing these positions to 100 and 125 shares respectively.
- I am recommending you buy 100 units of the iShares 7 – 10 Year Treasury Bond ETF (NYSE: IEF) at any price under $105.
The S&P 500 is now down about 18% from its all-time high set on January 3rd while the Nasdaq has plummeted just under 30% from its own peak on November 19th and more than 27% year-to-date…