If we see market strength, let’s look at UA as a long idea out of the high and tight bull flag, post-earnings, on the first daily chart below.
And on weakness, the rail CSX looks ripe for a short under $26.
Which stocks are at the top of your watchlists this morning?
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With all of the talk about the Yen and Dollar of late, even the Pound Sterling, it seems as though the Euro has taken a backseat.
Nonetheless, the potential for a short trade is there. EUO is the inverse ETF for the Euro.
Below, I present a monthly chart of the FXE, the straight-up long ETF for the Euro. Note the recent, initial rejection at the well-defined resistance trendline dating back to 2008. If we see downside follow-through, I will definitely consider taking the short.
I will follow-up on this idea more on Thursday.
What say you?
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Due to its orderly daily chart, first below, EAT is one of the better-looking consumer related plays in the entire market right now. I like it as a long idea only if we see a market bounce, over $48.
And PNRA is still a short setup, on weakness down below the bear flag seen on the daily chart, second below. Note that price has been pinned down below all moving averages.
Drop me your top tickers overnight.
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As this correction continues to unfold, we remain defensive and opportunistic, open-minded to the various scenarios going forward in the market. I discuss those concepts and much more in this video market recap.
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Enjoy tonight’s video, and enjoy your evening.
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High implied volatility and twice as many calls as puts being bought into TWTR earnings tonight, it appears.
Who is playing it? What is your strategy?
I flattened out into the bell, pretty much, taking off a long gold miners trade for a small win and taking a small loss on a mis-timed short. Cash is still a pretty potent Prince, if not King.
Stay tuned for my video market recap after the bell.
Comments »Here is a link to the story.
And here is the stock idea: CMP, spiking up today. The firm is in the rock salt business, and is a long idea if you are looking for a play off the news and a further move higher beyond what we are seeing today.
The weekly chart suggests a nice base consolidation with all moving averages (on the weekly, again) beneath price to potentially act as support.
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