Saturday Night at Chess Cinemas

One of Ben Stiller’s better non-comedy performances can be seen portraying a real-life drug addict in Permanent Midnight (1998), also starring the stunning Maria Bello and Owen Wilson.

Critics and audiences alike did not seem too fond of this film, but I believe it is underrated and worth a viewing.

via imdb.com

Comedy writer Jerry Stahl, whose $6000-a-week heroin habit had him taking his infant daughter along on his drug runs and doing smack during TV script conferences. Departing detox, Stahl explores memories with survivor Kitty, who listens patiently to Stahl’s flashback. Other women in Stahl’s life are his British wife Sandra and his agent Vola. For the TV series “Mr. Chompers” (inspired by ALF), Stahl meets with sitcom exec Craig Ziffer and puppeteer Allen. For freaky freebasing, Stahl hangs with mumbler Nicky and druggie Gus.

As discussed on my video recap last night, Twitter is trying to emerge to make a higher low from its recent pullback.

Note the inverse head and shoulders bottom still intact.

We traded the initial breakout on the long side inside the 12631 Trading Service perviously.

Now the issue becomes whether the stock can make a major higher low and escape from its “bird’s nest bottom.”

Headed into next week, trading against $36 makes sense as a downside stop-loss level. I am looking to see a bit more strength before an entry.

________________________________________________________

Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

________________________________________________________

Returning to the Russell 2000 Index 30-minute chart we observed yesterday,  you can see the downtrend for the month of July, thus far, remains intact and thus still has me sidelined.

To be more constructive on longs as a whole, I would be looking for this pattern of lower highs and lower lows to break.

_________________________________________________________

Stop dwelling on any prior losses/stocks.

Just cut them, learn your lesson, and look ahead.

The market goes on, man.

We had been noting the well-defiend range in marquee stock Amazon.

This morning, even as the indices are mixed we see the online giant attempting to break over $340.

I had been looking at a twenty-point bracket range here–$320 through $340.

So, today’s close is going to be a big one.

______________________________________