MJN (Long)...

MJN is a somewhat new stock. It had its IPO (Initial Public Offering) several months ago. Since the IPO, MJN has gone straight up. IPOs are particularly interesting in that sense. Once it breaks higher/lower from the offering, there is no resistance/support. MJN has been a pretty good buy on weakness since it emerged, and I belive a coming pullback in the stock will present a similar buying opportunity. It reported earnings last week and is very extended, but it'll come to us. As you can see, the 50-day EMA has acted as solid support all along, but that is about 15% below present levels. Be patient with this one. It will present a less risky entry soon. MJN's a bit thinner than I normally like and does not have a very deep options market, but that does not deter me. It just alters my plan.



Position: none