For you night owls out there, feel free to drop me any market/trading-related topics you would like me to cover in a weekend video.
In addition, note the weekly chart for the REITs, housed in the IYR ETF. I mentioned this sector is rate-senseitive. Weakness down away from the highlighted rising wedge may very well presage higher rates this year.
Speak your mind, night owls.
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In addition to the WBMD idea for a short squeeze breakout higher, UBNT is also a long setup for Thursday.
On the daily chart, below, note the well-defined resistance trendline. I view any further strength combined with a strong broad market as a long trigger.
And on the short side, I am still short AMZN and looking for further downside technically, as well as perhaps some selling before the BABA IPO.
Drop me your top tickers overnight.
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Enjoy tonight’s video, and enjoy your evening.
Comments »
Recall the WebMD buyout idea we looked at over the summer.
The stock is surging today, and may be ripe to squeeze the many shorts in the name tomorrow or next week as it attempts a well-defined falling channel upside breakout.
Hat Tip to 12631 member “Earl” for pointing this one out in our chat room today.
See you after the bell for my video market recap.
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With the U.S. Dollar screaming higher, emerging markets have been getting hit this week.
As you might expect, so too has my long-term investment idea of CPL, the Brazilian utility which I have been writing about for a while now.
At issue is whether the long-term bull thesis remains intact. Recall that you are getting a decent dividend here, in effect getting paid to wait for the stock to appreciate.
In addition, the dividend should help buttress against the inevitable downdrafts for any long-term investments–Of course it is no substitute, per se, for price appreciation. But it sure does not hurt.
In this case, I am looking to see if the stock can survive the onslaught of a strong Dollar.
A weekly close below $17 would have me turning a bit cautious. But $16 is the big level below to keep the major bottoming thesis intact.
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Comments »
Although I did not take an outright position in the Russell, I have been keying off the small caps for a while now.
After another weak open this morning, buyers are rallying the small caps back over the $115.50 level we observed yesterday as being a critical one on the IWM ETF.
In light of that, I lightened up my short exposure inside 12631.
Currently, I am left with bond short, as well as AMZN SBUX shorts, and the rest in cash.
If we see a further rally, a name like ILMN has my interest on the long side. In addition, the gap higher in PANW today may very well be of the bullish breakaway variety.
For now, that $115.50 level remains my dividing line in terms of pressing bearish bets.
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