Some early morning skittishness is pointing to a lower open for the major indices. Today is options expiration, so there is no telling the volatility that we could see coming out of this market. It’ll be interesting to see how much of a pop Google (GOOG) gives the markets – in particular the Nasdaq. My guess is much of Google’s earnings are already priced into the Nasdaq. A classic buy the rumor, sell the news. Nonetheless, we got a nice chart for our non-subscribers, but if you want the skinny on when to get in and how to manage the trade, then you better subscribe.
So COCO has the nice, classic double top forming – very symmetrical and orderly, but a quick look at the MACD and cursory look at the stochastics show that the second top produced a bearish divergence. Couple that with a market that continues to give big swings to the downside, and you have a nice risk/reward scenario.
Here’s the COCO chart…
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