Stock Market Update Friday 5/19

Stocks continued their rally on Friday as some big names continued higher. I've exited my position in (TSLA) at $313 as it looks like the stock could be heading lower. I'll be looking to get back into the stock at lower prices. Stocks I'm looking at this week are (AVGO) (SHOP) (ULTA) and (BABA). (AVGO) looks good as long it stays above 227. The stock has more room to run especially with earnings coming up. I'll be exiting the stock if it falls below 227. (SHOP) has had a huge run up in the last year and is currently showing some weakness. (SHOP) did a small secondary share offering that was announced mid week and with the chart going parabolic the offering could kill the rally. Now is a good time to sell (SHOP). I've opened a short position on the stock at $89 and will exit the short if the stock digests the offering and starts moving higher. (ULTA) reports earnings on Thursday after the bell and is expected to beat. Considering the amount of money my wife and all her friends spend their I don't see how they could miss earnings haha. I expect the stock to be trading over $300 soon and will sell the stock on a run up to earnings. The stock closed at $294 yesterday. If the stock doesn't run to $300 before the report I will most likely hold the stock through earnings as they will beat and raise expectations. (ULTA) should continue higher over time unless the stock market starts selling off. (BABA) has been running straight up since December but should have more room to run. I love the stock over the next year. Think about adding on a dip if we get one. The overall market if showing some signs of weakness so be careful out there.

As always buy silver for a long term investment