iBankCoin
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
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Two Friday Afternoon Trading Ideas Which May Very Well Clash

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One long and one short idea here.

AXP is a short idea on weakness down out of the daily chart bear flag, which I have highlighted in light blue lines on the first chart, below. For many months now, I have been looking for the extended American Express to correct. Even though the stock has not suffered a deep correction, you can clearly see that it has gone nowhere fast and is becoming quite sloppy in terms of its price action. A break below $72 would be some evidence of a more significant top. MA earnings coming up may be a wildcard, though.

OCN is a long idea on the second chart, below of the daily timeframe. I mentioned this one on my video recap last night and it is impressively outperforming the tape, trying to push higher out of this consolidation.

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AXP

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OCN

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