PZZA dropped early in the morning. I thought that this was a stop fishing move, but later in the day, money had a hard time coming back into the stock. I hence decided to sell the bounce, because I was afraid of more selling that would occur on following days. We can indeed see that in the past days, gap downs have been followed by more selling while gap ups were followed by more buying. In the current exuberant market, I prefer booking profits.
CRM was also exhibiting EV weakness.
This means that the Portfolio is now only 40% long in JNJ/XLE. Both positions look good for now.
I raised the stops on both positions.
The trade ideas for today are below. TWLO/MBLY could be interesting on a pullback.