by Paul Costa

YELP has ripped up about 20% since its gap up on May 1st.  

Since then it has not moved much since it made its high on 5/3.  That being said it has been chopping around in a 4%-7% range which is a decent size range.  What YELP has done is consolidated since its move and formed a triangle pattern, which is known as a continuation pattern.  Since we have the triangle forming after a breakout/uptrend, we should focus on YELP breaking this pattern to the upside and continuing its upside movement.

This would mean a break of about 31.50 to be on the safe side.  We can see from the chart that YELP is sitting on the bottom of the triangle and support, so it is a logical bouncing point.  The pattern would be voided if YELP was to drop below 29.74, at the point you are looking to see if YELP can stay above its low at 28.78, but that here nor there.  The way to play this right now is to watch for a breakout of the upside as this is what our chart is telling us could happen.

by Paul Costa

NYAD has not participated in this latest rally, failing to make new highs with the market.  

This is a little concern for the bulls since they would want to see advancers moving this market up.  The last time this was noticed was on April 2nd, the market dropped a HUGE 1.5%.  Why this isn’t the “OMG ITS A TOP SIGN”.  It should be something to watch, there is a possibility that NYAD can join in the rally which would be a positive sign for the market.  But if it continues to diverge from the market and even get bearish watch out.

by Paul Costa

PRKR ripped yesterday and broke out above key resistance closing at the High of the Day and above its most recent swing high.  PRKR formed a ascending triangle over the last few months and was able to breakout out above 4.20, once it it this is started ripping yesterday.   With a high short-float this stock can keep going especially if we look at what long-term resistance it broke.

Taking a look at a longer-time frame we can see PRKR may be breaking out of long-term resistance and goes back to 2004.  This would be a big breakout and potentially very bullish for this stock.  Any continuation of yesterdays breakout would confirm this.

by Paul Costa

SPY:  SPY closed down today for the first time in 4 days as it failed to stay above its resistance at 163.45, although it did manage to get a new swing high.  Support which we had been mentioning at 162.47-162.42 held today, allowing SPY to close above 162.70 a former resistance level which is now support.  There won’t be any pullback till support is broken especially at 161.20.  For SPY to continue its upward trend, it will need to close above 163.37.

by Piker Trader

Green Mountain Coffee Roasters Reports Second Quarter Fiscal 2013 GAAP EPS of $0.87 and Non-GAAP EPS of $0.93 Representing Growth of 50% and 45% Respectively Over the Prior Year Period

• Revenue Increases 14% Over the Prior Year Period
• Free Cash Flow of $202 Million in the Quarter, $456 Million for the First Half of Fiscal Year 2013
• Management Updates Outlook for Fiscal Year 2013:
  • Raises Fiscal Year 2013 Non-GAAP EPS Estimates to$3.05 to $3.15 -- A

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by Piker Trader

JO is the Coffee ETF it tracks  The Dow Jones-UBS Coffee Subindex Total Return which is a single-commodity sub-index currently consisting of one futures contract on the commodity of coffee.  Basically tracks the price of coffee.  JO looks to be testing resistance again at 30.80-31.05, it has failed 3 times at this level over the last two months and the more resistance level is tested the weaker it becomes.  A break of this could be potentially bullish for the commodity.  But the real resistance for this commodity is at 31.87.  This is longer-term resistance and the downtrend.  Things won't get bullish for coffee unless it can get above this level. But first lets watch the 30.80 level.  

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by Piker Trader

GMCR continues to test its highs as it waits for its earnings to come out on the 8th.  GMCR is having trouble breaking out though, over the last few days all the mornings price action has been faded.  This is a little trouble some for the bullish side of this stock.  But GMCR is staying above its support around 58.76.  By staying above this level GMCR still mantaining its bullish ascending triangle pattern.   GMCR should decide where it wants to go soon once these...

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by Paul Costa

SPY:   SPY rallied almost a full percentage point today after it was able to climb above resistance at 158.86, which was broken support from yesterday.  This negated the double-top talk and proved that pattern to be wrong.   SPY managed to rally to new highs and close above its high at 159.71, closing at 159.75.  The close above the highs is bullish shows strength the market.  The new resistance for this market is now at the high of the day at 159.89.  Watch these levels here while SPY did break above it, it wasn’t a clean break and there is resistance close by as SPY barely got above it.    Bulls want to follow through tomorrow if the market is going to keep going higher.

QQQ:   Tech rallied strongly today over over a percent closing at new highs for the year. at 71.28 and making a swing high at 71.28.   This level marks the new resistance level that the Q’s must get above to continue advancing.  There is very little resistance now for the Q’s so the path of resistance is upwards.  The Q’s won’t get bearish till a break below 70.21.

by Paul Costa

GMCR has been consolidating over the last month being range bound between 52.68 and 58.50.  But it has been subtlety up trending since it made lows in early April, which has formed a descending triangle pattern.   GMCR has not broken out of this trend as it i continues to have trouble breaking above 58.13.  Earnings are coming up on May 8th and this could be the catalyst for this stock to get above this level.  A breakout would send GMCR potentially to 65.  A failure and a move lower with a break at 55.20 would void the pattern and possible send GMCR back towards that bottom of its range.  GMCR will make a move soon either way as it heads towards the apex of its triangle.

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