Chart request for 12631 member “THE_WOLF” here, asking about GLUU.
The heavily-shorted, low priced, high beta multimedia stock is sitting directly on a support trendline stretching back several months, seen below on the daily timeframe. Any further weakness puts the entire uptrend since last fall under scrutiny. I would use care in assuming the trendline will hold this time.
Earnings are February 5th.
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The steep 2013 run higher in Best Buy is quickly coming back down to Earth this morning with a massive drop.
On the updated monthly chart, you can see the 20-period moving average (orange line), is the first logical place to observe for potential–repeat, potential–support.
Elsewhere, natty had a huge draw and the UNG ETF is flopping around, though still green on the session.
What are you trading this morning?
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I know I said that AKS was back on my radar as a long idea in the steel space. On further strength it may very well prove true. However, looking at other steels like SCHN and especially the major Asian player PKX, both seen below, I am concerned the sector is ripe to correct further. Also note you may put X in this category with bear-flaggy action.
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I gave long ideas earlier, so Lowe’s would be a short idea for Thursday. I like it as a short under $48.
Which other ones do you see out there?
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I see DMND M WWWW as actionable long ideas on strength for Thursday, seen on their respective tightly-basing daily charts below.
I will be back later tonight with some short setups.
Drop me your top tickers overnight.
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We are staying on top of this market inside our 12631 Trading Service, which @RaginCajun and I direct here at iBankCoin.
If you enjoy my work, then I’d encourage you to click on this 12631 hyperlink for more details about joining.
Enjoy tonight’s video, and enjoy your evening.
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