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chessNwine

Full-time stock trader. Follow me here and on 12631

It All Comes Down to the Leaders

The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday.

While the strength in the regional and large banks last week excited bulls for a rotation higher, in addition to the decent bounce staged by the small caps, the view here is that the next big directional move in the major averages is likely gong to be tied to the marquee, leading issues setting up. At a minimum, in order for the extended major averages to hover near current levels, leaders probably need to break higher.

Specifically, the likes of FB GOOG PCLN TSLA UA have been fairly quiet over the past week or two, consolidating their prior advances (NFLX has continued on higher). On their respective daily charts, note the tight price consolidations within the context of uptrends. 

Should bulls sustain moves higher in these issues in the coming week or two, it is likely that they will buy themselves a bit more time to run higher even in a market with already very extended parts and longer-trme extended indices, such as the S&P.

In addition, these issues also represent actionable long ideas, on a standalone basis, for swing traders on further strength.

Simply put, key off the leaders into September.

Please click here to continue reading

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Five Stocks Which Stood Out on Wednesday

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.

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2014-08-28_0032

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Late Night Strategy for Thursday

NqMIkh

BKS is capable of a monstrous short squeeze breakout, the setup seen on the first daily chart, below.

Meanwhile, General Motors is back on my short radar, its potential topping pattern still very much in play back below $34.

Drop me your top tickers overnight.

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BKS

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GM

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Stock #Market Recap 08/27/14 {Video}

If you enjoy my blog posts and videos, then I would encourage you to please click on this 12631 hyperlink for more details about joining our great team of traders at a very reasonable price. 12631 is a trading service which @RaginCajun and I direct here at iBankCoin.

Enjoy tonight’s video, and enjoy your evening. 

Direct Vimeo Link Click Here

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Ready for a Small Town Throwdown

Below is the zoomed-out 30-minute chart of the small cap ETF stretching back to mid-August.

Note the light blue lines highlighting a textbook rising wedge. Keep an eye on this pattern to see if bears can finally sink their claws for a breakdown, or instead if it is another in a long line of bear traps.

Either way, I suspect small caps are setting up for fireworks in the form if their next big directional move after Labor Day.

1,213 above and 1,082 below on the Russell 2000 Index are the levels of note for a major breakout or breakdown.

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IWM

 

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You’re My Boy, BlueBird!

Several of our members caught the BLUE biotech setup I posted on this blog yesterday.

As long as it holds over $38 now, it is my boy, blue.

Also note the firm has a partnership with CELG and may be a viable buyout target.

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BLUE

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