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Bloomberg TV's Discuss GMCR stock and specifically its sales of K-cups.  K cups sales were up last quarter 35% but dropped down to being up  21% and total $794 million in sales.  Its worth a listen, it will interesting moving forward to see how sales grow. I think the more interesting thing is if we continue to see drops in K-cup sales, the question will be where are they going to get their coffee.   

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The market was upday as it had to be because it was Tuesday, but the close does not really tell the picture.

The market started with a strong gap up only to fail at resistance from the swing highs from last week, today’s hod was at 167.78.  After failing here the market fell as there was worries that bonds were having a sell off as well sending yields higher putting a hole the QE forever plan.  The market bounced off its at low and did manged to close higher.  The sell off at the highs was significant as there is now clear resistance here and it is evident by the failures at this level for the last week.

Any hope for another rally is for the bulls to get over the 168.80 level, and as long as  SPY stays above 164.94, the market is still bullish.  Below this level and thing can get bearish.    The VIX was also up today, which should be a red flag to this gap up.  Make sure TLT and bonds are being watched, more downside on this and a higher yield can send this market lower.

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Think there are sellers at 80.70? GMCR over the last few days has just not been able to crack above 80.70.  

GMCR has hit 80.68, 80.64 but not 80.70, each time it gets near this level it sends the stock lower leaving long candle wicks and sends GMCR back to 80.00.   This resistance is interesting since there is no former resistance at this level or a level of importance, so it is really coming out of no where and coming from new sellers.

But the more this level is tested the weaker it becomes so any break out above this level and GMCR goes higher but it is also showing weakness in the market.   If GMCR is to start going lower because of this resistance, it will need to get below 78.27.   

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FSM looks like it might be setting up for a short squeeze here.   The stock has a 50% short float and low float so any movement up will bring quick pain to the bears.  Also stock seems to be basing at 2.60 and broke a short-term downtrend.

$FSM- Possibe Short Squeeze

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FBP: Broke out of ascending triangle and the breakout level at 6.14 level has held as support.  Watch for a break of 6.25, potential target to 6.40.

Three Potential Breakout Chart Patterns ($DOX, $JMBA, $FBP)

JMBA: Trendline support holding, short-term resistance at 2.90 with a longer term triangle at 2.90.  Breakout above this level is bullish.

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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.

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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.

NYAD is Not Liking Your New Highs

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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.

PRKR Breaking Out

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.

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 coffee-infographic

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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.

Daily Charts (SPY, DIA, QQQ)
 
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