Chipotle is still one of the better long setups out there, basing along nicely in an uptrend. Let’s see if $561 gets taken out to the upside.
Elsewhere, my bond short is under some pressure, while I am shifting around money in the commodity space.
I am tempted by shorts like SBUX, but the tape is still in grind-higher mode, which has me largely holding off on adding equity short exposure for now.
What are you trading this morning?
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I further reduce the carbohydrate count in my 12631 portfolio, selling more of my SGG long into more strength to lock in gains.
As you can see on the daily chart ETN, we have a high buy volume breakout in effect, confirming a major bottom. I am looking to add back to sugar in the coming days and weeks.
Let’s see if CORN is next go go.
Congrats to TSLA long and natty gas shorts, many of which are in our 12631 Trading Room.
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With commodities running, it may very well be worth taking a look at a traditional “commodity currency” like the Canadian Dollar, FXC ETF. On the daily chart, you can see how beaten-down the loonie is, perhaps ripe for a snapback rally. I would keep a tight stop not far under $89.
“OT” – @walkslow4 – has been on this idea a bunch on Twitter.
Which stocks are you stalking this morning?
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The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday.
If we do see an imminent blow-off top in the market, it is already playing out in the biotechnology sector.
The monthly chart for the sector ETF shows that the steep and uncorrected angle of ascent since early-2012 is essentially going vertical now. Simply put, this is unsustainable price action.
However, timing the exact moment when the biotechs come crashing down is an arduous task. Nonetheless, aggressive traders will note that BIS is the utlra-short ETF for the sector to keep on watch, with perhaps a Monday or Tuesday morning gap higher in the sector representing a sound entry point for the short.
However, we know that the sector ETF is heavily-weighted towards large cap biotechs, such as AMGN BIIB CELG GILD VRX, etc..
While there are not a plethora of quality long setups in the sector, headed into Monday, there are some small and mid-cap biotechs which merit your attention on the long side, on further strength this week, including…
Please click here to continue reading
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With recent weakness in the retail/consumer complex, keep an eye on Dick’s Sporting Goods as a short idea on weakness, first chart below. You can see price struggling below its 200-day moving average.
And on the long side, the high and tight price action of Zynga continues to impress and has me on watch for further strength.
Drop me your top tickers overnight.
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If you enjoy my blog posts and videos, then I would encourage you to please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price. 12631 is a trading service which @RaginCajun and I direct here at iBankCoin.
Enjoy tonight’s video, and enjoy your evening.
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