With U.S. stocks pulling back sharply on Friday, you hit three of your stops on your current Momentum Trader Alert positions, booking some solid double-digit-percentage gains.
Stryker Corp (SYK) stopped out at $141.90 for a 10.33% gains. The Cooper Companies (COO) stopped out at $236.15 for a 20.01% gain.
In addition, Broadcom Ltd (AVGO) stopped out at $248.50 for a 10.48% gain.
This week’s Momentum Trader Alert takes you back into the realm of pharmaceuticals and biotech.
Incorporated in 2012 and based in North Chicago, Illinois, AbbVie Inc. (ABBV) is one of the nation’s largest pharmaceutical companies. The company’s three most important drugs on the market today are Humira (rheumatoid arthritis), Imbruvica (cancer) and Viekira Pak (Hepatitis C). AbbVie started its corporate life as a spin-off of Abbott Laboratories (ABT).
AbbVie Inc. (ABBV) versus the S&P 500 year to date.
Momentum Trader Alert Analysis
Buy AbbVie Inc. (ABBV) at market today and place your stop at $65.00.
I am holding off on recommending options for now as last week’s sharp move upwards has made the options very expensive.
With United Technologies (UTX) pulling back last week, I am recommending that you buy the UTX August $120 calls (UTX170818C00120000), which last traded at $3.25 and expire on Aug. 18, to take advantage of the stock’s coming rebound.
Nicholas A. Vardy