The weekly chart for wake-me-up-before-you GOGO is sporting a falling wedge pattern which looked to have resolved higher last week. After earnings, the stock is lower today.
However, the larger point is something I referenced in my video market recap last evening: Just because a steep downtrend like has been broken to the upside does not mean it is smooth sailing back to new highs. I know 2013 made it seem that way. But you can generally expects tons of backing and filling, if not a rollover, even when downtrend lines are breached. Indeed, we have seen the flip side of this during the bull market, where just because steep uptrend lines were breached did not mean the bull was ready to be put to rest. Something to keep in mind with names like MCD SBUX, etc..
What are you trading this morning?
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Longs; CORN, GG, PAAS, EDZ
Short; BID
You know I like the BID short, nice.
SBUX overhead supply kicked in, watching next few days $72 breakdown short entry
Like it
Silver and gold complex all at once!
Excellent, sir!
Long: YNDX under 30, I expect a bounce here.
Short: KO via May puts, I see a H&S pattern dating back to summer 2012 just waiting to resolve itself.