We're Locking in Big Gains on 2 Overbought Holdings

Symbol	Transaction Type	# Shares Traded	Recent Price $	Shares Owned After Trade	% Portfolio
BROS	Sell	220	54.80	2,850	3.0
ESTC	Sell	175	113.80	1,580	3.5

After you receive this Alert, we will make the following trades:

-- Sell 220 shares of Dutch Bros BROS at or near $54.80. Following the trade, the portfolio will own 2,850 BROS shares, roughly 3.0% of the portfolio.

-- Sell 175 shares of Elastic N.V. ESTC at or near $113.80. Following the trade, the portfolio will own 1,580 ESTC shares, roughly 3.5% of the portfolio. 

We are following up on our opening comments today, taking advantage of the pronounced moves in BROS and ESTC shares over the last few weeks that have both deeply overbought. While we see reasons to remain owners of both companies' shares over the long term, prudence is leading us to lock in a slice of their big gains of late. We’re making this move ahead of data that could reset Fed rate-cut expectations and give short-term traders reason to take profits following the market’s strong move since entering November.

Even though we are trimming back the portfolio’s exposure, we would be interested in adding to the portfolio’s position in both at the right price level. For BROS shares we have some support at the 20-day moving average below $49, but the next layer clocks in closer to $40. For ESTC shares, the support level we’re watching is the 200-day moving average, which currently resides just below $100.

(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to click on Closed Trade Gain/Loss and toggle the chart to sort by Purchase Date.)

At the time of publication, TheStreet Pro Portfolio was long BROS and ESTC.