Canopy Growth Corp (CGC): Added to Position

After a brief pop to glory on the backs of hopes that a Lame Duck Congress might pass recreational cannabis legislation, the entire sector came crashing back down to Earth with Canopy Growth Corporation (CGC) triggering my next buy order on Thursday which filled at $2.74.

The buy lowered my per-share cost -3.91% from $5.62 to $5.45. From here, my next buy target is $2.20, slightly above CGC’s 2022 lows, and my next sell target is $6.90.

CGC closed the week at $2.60, down -5.11% from where I added Thursday.

Dow (DOW): Dividend Reinvestment

Dow (DOW) paid out its monstrous quarterly dividend on Monday, lowering my per-share cost -1.38% from $32.65 to $32.20. As I’ve mentioned previously, as much as I love Dow as a long-term holding, I refuse to add above my per-share cost and raise it since DOW’s outstanding 5%+ annual yield adds a huge amount to the position quarterly.

From here, my next sell target is $53.70, below a past point of resistance, and my next buy target is $30.90, above a key point of pullback Dow made on its rebound off its 2020 pandemic lows.

Morgan Stanley (MS): Profit-Taking

When stocks roared higher following a weaker-than-expected CPI print Tuesday morning, Morgan Stanley catapulted through my next sell target which filled at $93.75. The sale locked in +12.28% in gains selling some of the shares I bought for $83.50 back when I initially opened the position on April 25, earlier this year.

The sale also lowered my per-share cost -9.43% from $72.27 down to $65.45. From here, I do have another sell target just under Morgan Stanley’s all-time high at $109.73, and my next buy target is $75.00, slightly above MS’s low in October.

MS closed the week at $86.74, down -7.48% from where I took profits Tuesday.

Rivian (RIVN): Added to Position

The bad news doesn’t stop coming for Rivian (RIVN) after reports over the weekend revealed that a proposed factory partnership between Rivian and Mercedes-Benz would be put on hold. When the market cooled after popping from the CPI report on Tuesday, Rivian pulled back through my next buy target which filled at $24.90.

The small buy still managed to lower my per-share cost -3.76% from $57.15 to $55.00. From here, my next buy target, still a small quantity, will be at $21.40. Thanks to the lowering of my cost-basis, I can also lower my next sell target to $56.40, just under a past point of resistance on RIVN’s fall throughout 2022.

RIVN closed the week at $22.48, down -9.72% from where I added Tuesday.

Roblox (RBLX): Added to Position

Roblox (RBLX) crashed down with the rest of the market, and I, of course, broke my discipline and raised my buy price target from its $28.20 to $29.90. On Thursday, RBLX opened lower and filled my buy order at $29.33 before careening (wait for it) through my original $28.20 price target as well.

Yes, live and learn. I’ve been in this game long enough that my instincts are correct. Patience would have offered me an additional 3.85% discount on the shares I bought higher. Regardless, Thursday’s buy still locked in a whopping -37.46% discount replacing shares I sold for $46.90 just over four months ago on August 2. The small buy also lowered my per-share cost -2.13% from $46.05 to $45.07.

From here, my next buy target is $24.10, around a past point of support, and my next sell target is $46.15, around past point of resistance.

RBLX closed the week at $27.58, down -5.97% from where I added Thursday.

Skyworks Solutions (SWKS): Dividend Reinvestment

Zoetis (ZTS): Profit-Taking

Just like with Morgan Stanley (MS) above, it was time to take profits in newcomer Zoetis (ZTS) on Tuesday, when it triggered my next sell order at $158.44, just $0.04 lower than ZTS’s high for the day (*whew*).

While the sale only lowered my per-share cost -0.92% from $150.13 to $148.75, it served the more important purpose of locking in a whopping +27.25% gain on shares I bought less than six weeks ago for $124.51 on November 3.

From here, my next sell target is just under $200.00, a psychological resistance point of investors and the market, and my next buy target is $124.55, right above ZTS’s 2022 low.

ZTS closed the week at $144.46, down -8.82% from where I took profits Tuesday.