Given the strong, late-day upside reversal in ACHN on Monday it is worth keeping this one back on the long radar for Tuesday. They have a major test result coming out soon, which is certainly a major event for the stock which can trump these sound technicals.
But, trading what we see, this is a heavily-shorted name ripe to squeeze higher.
Drop me your top tickers overnight.
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It was another mixed bag in the market today, with energy/materials as well as small caps lagging, while biotechs took the lead once again.
Who is playing Twitter, the Bird, earnings after the bell, and how? Looks like a big move is expected.
See you in a bit for my video market recap.
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The weakness in crude and energy stocks is certainly not helping the cause for bulls, though the selling on the indices is nothing too scary yet.
What is more concerning, however, is the weakness in leading issues like NFLX TSLA. And we do have TWTR earnings after the bell tonight, which should be a nice appetizer in front of FB earnings tomorrow.
Beyond that, we have the Fed on Wednesday and a slew of big-time data later in the week.
Hence, today may very well be the calm before the storm.
If the XLE, energy sector ETF, loses $83 again I may very well take a shot on the short side.
Other than that, I am noting the relative strength in restaurant plays like BKW BLMN FRGI ZOES again today.
What are you checking out this afternoon?
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It has been a bit quiet of late, but marquee momentum name Tesla Motors is continuing to weaken along with other leaders of late, including AMZN GOOGL NFLX PCLN.
While biotechs, AAPL and FB have been the stars of the market, Tesla has formed one bear flag after the next, seen below on the daily timeframe.
With plenty of shorts still in the float, and earnings November 5th, it may very we’ll be a tough short.
Still, from a broader market perspective it is another leading issue which is weak and not giving a particularly bullish signal for swing traders to get long in size.
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