The price action seems eerily similar to what we saw on 8/1 and 8/2 and if that is the case, and the price action continues a long that path, we could see a new dose of selling, which would make the shorts below musts for starting positions in tomorrrow.
So stay tuned anything can happen.
By the way, if you are interested in joining me, Oscar and the rest of the SharePlanner Splash Zone gang, don't be a stranger and try us out with our free 7-day trial that you can't go wrong with. If you like it, GREAT! If not, there's no hard feelings. But don't leave without trying us out.
Here's the All-Short Friday Watch-List:
Short: Dow Chemical (DOW)Read more...
Watch for another breakout in Chipotle (CMG) - this time in the form of an ascending triangle. The stock looks solid enough for an upward move into the $560's to $570's
I like the stop-loss placement as well on this trade, as you can easily place it just below the short-term uptrend that helps form the ascending triangle. So that if I am wrong on the breakout, the loss is minimum.
Here is the CMG trade setup:Read more...
Here's this week's video covering Apple (AAPL) the S&P 500, Russell, Ingersol Rand (IR), Aruba Networks (ARUN), Verifone Systems (PAY), Guess (GES), Amazon (AMZN), Facebook (FB) and Alkermes (ALKS).
In the video I go through the mental aspects of trading these companies as well as the technicals and what you need to be aware of when trading them and how I am trading them as well.
Here's the video:Read more...
Economic reports due out (all times are eastern): International Trade (8:30), Jobless Claims (8:30), Productivity and Costs (8:30), Janet Yellen Speaks (10), EIA Natural Gas Report (10:30), EIA Petroleum Status Report (11)
My Opinions & Trades:
So it's no surprise the SPX gapped down like it did, to form a huge bullish engulfing candle pattern by day's end.
As a result, I've loaded up the portfolio with some new long positions, and closed out some old ones, including a whopper of a 7.7% gain in GES and over $1,500 in profits for our subscribers.
The day-trading continues to soar with Oscar now up 6.7% on the month with over $1,600 in profits using our bare minimum day-trading account. Oscar had 6 different trades with 4 of them finishing in the green for $111 in profits.
Now, here's the nightly watch-list.
Long Beazer Homes USA (BZH):Read more...
The bias seems to still be to the downside unless it can break $145. Above $145 and you may have a runner.
If it breaks $145 don't hold any long positions beyond $165 as it could simply be just a dead cat bounce back to the neckline of the H&S pattern.
Heres the TSLA technical analysis:Read more...
Here's my apperance today on First Business News:Read more...
The Daily SharePlanner Reversal Indicator is showing that the downside may be losing some steam, and could see an upside reversal in the coming days:
However the weekly, while also showing a current downtrend, is no where near bouncing. In fact it is just beginning:
So how do we resove these mix messages, well, my guess is, with the SPX threatening to close at new all time highs, there is a chance that the weekly SPRI will have a false signal at the highs just like it did a few weeks ago. These aren't common, but they do happen from time to time. If I were to guess, I'd say that is the most logical conclusion at this point.
Economic reports due out (all times are eastern): MBA Purchase Applications (7), Atlanta Fed Business Inflation Expectations (10), Treasury Budget (2)
My Opinions & Trades:
Here's tonight's watch-list. I did a post earlier this evening detailing the positive gains we are taking in the Splash Zone, so be sure to check it out here.
Now on to the nightly watch-list:
Long Titan International (TWI):Read more...