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Technical Analysis with chessNwine

chessNwine
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,861 Blog Posts

Defending Against a Squeeze

chessNwine Wed Sep 10, 2014 1:47pm EST 8 Comments

pictures_of_the_day_10

Although I did not take an outright position in the Russell, I have been keying off the small caps for a while now.

After another weak open this morning, buyers are rallying the small caps back over the $115.50 level we observed yesterday as being a critical one on the IWM ETF.

In light of that, I lightened up my short exposure inside 12631.

Currently, I am left with bond short, as well as AMZN SBUX shorts, and the rest in cash.

If we see a further rally, a name like ILMN has my interest on the long side. In addition, the gap higher in PANW today may very well be of the bullish breakaway variety.

For now, that $115.50 level remains my dividing line in terms of pressing bearish bets.

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IWM

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8 comments

  1. Venky Srinivasan
    Venky Srinivasan
    September 10, 2014 at 1:52 pm

    $SPLK on long side @ChessNWine

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  2. Maximus
    Maximus
    September 10, 2014 at 2:16 pm

    What are your thoughts on SBUX? A little upward action to close out last week and then a small pullback this week for the traditional summer sideways action. You still feel bearish?

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    • chessNwine
      chessNwine
      September 10, 2014 at 2:18 pm

      I am still bearish technically but am basically flat on it here from my entries. Cover stop is above $79. it probably needs to crack $76 below for me to make headway with downside momentum.

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  3. bruce keller
    bruce keller
    September 10, 2014 at 2:26 pm

    SBUX has been so boring lol. Pretty much flat 1 year.

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  4. bear54
    bear54
    September 10, 2014 at 2:37 pm

    Chess
    Thoughts on USO please? looks like 33 in sight

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