Canopy Growth Corp (CGC): Added to Position

Canopy Growth Corporation (CGC) continued to experience selling pressure along with the rest of the market this week, pushing through my next buying target which filled on Thursday at $38.69, putting more of the capital to work which I raised by selling Covered Calls on my position.

Thursday’s purchase locks in a -13.23% price reduction between where I took my capital out on February 3 at $43.81 and the shares I added. From here, my next buying price target to put more of my Covered Call money to work is $33.90, a past point of support and slightly above the 50-Day Moving Average.

My sell target to start reducing my allocation is around $64-65, assuming that the Covered Calls I sold expire worthless on March 6.

CGC closed the week at $38.63, down -$0.06 from where I added Thursday.

Square (SQ): Profit-Taking

The party didn’t stop for Square (SQ) this week as the high-flying fintech flew even higher, triggering another sell order for me to take profits at $281.67 which filled on Monday.

The sale slightly reduces the allocation size of my position (which is still overweight as the biggest portfolio position, by far) and locks in +2,437.57% in profits on some of the original shares I bought for $11.10 on August 5, 2016. From here, my next sell target is $313.00. My next buy target is $222.60.

SQ closed the week at $276.57, down -1.81% from where I sold Monday.