For more details about my forthcoming “chessNwine’s Weekly Strategy Session” service, click here and here.

Available soon…

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I am long a small, starter position of retail play CHS inside the 12631 Trading Service. The reason why I am not adding to it yet, in part, is due to the major resistance trendline you can see on the monthly chart below. While I am respecting that likely resistance for now, I am also mindful that each successive pullback over the past few years has been more and more benign. I believe pressure is building on that resistance for a major breakout through $16.50. I am being patient with the stock for now, but just as with my analysis of GPS last evening, I believe the next few quarters should bode well for these select retail apparel plays.

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See my notes on the chart below. Earnings are scheduled for 08/16, but I consider this a long-term play based on this monthly breakout. I believe that holding $26 as major support now, after acting as decade-long resistance, is central to the bull case. Beyond that, consider this an example of what to look for on the major market index charts in terms of conquering the April highs from earlier this year. We want to see a tight consolidation right at prior resistance before pushing through it, rather than just screaming up to the highs and seeing violent indecision with wild price swings. The former scenario illustrates that the chart is coming to terms impressively with a prior resistance level without being met by a group of powerful sellers.

Also, be sure to check out The Fly’s blog post tonight about my new service launching soon.

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Current members of the 12631 Trading Service inside The PPT here at iBankCoin enjoy the comprehensive Weekly Strategy Session I put together each weekend. The goal is to prepare members for the upcoming week of trading, leaving no stone unturned.

In the Weekly Strategy Session, I cover:

1. The price action of the prior week of trading, with a brief recap.
2. The leaders and laggards of the market.
3. The psychology of the market involved at the moment, including analysis of sentiment.
4. Emphasis on managing risk and all of the potential pitfalls relevant to the current market, such as navigating through earnings season.
5. Objective technical analysis largely using price, volume, moving averages, and candlestick theory.
6. My current market posture and how to best express that opinion through portfolio allocations and trading discipline.
7. Potential scenarios that, if they materialize, would change my current market posture.
8. Key price levels to observe on the major indices.
9. My best long and short trading ideas for the week ahead.
10. A relevant and significant quote or saying from a legendary trader, such as Paul Tudor Jones.

12631 members will continue to get the Weekly Strategy Session as part of their existing membership.

However, non-12631 members will soon be able to subscribe to the Weekly Strategy Session at a very reasonable price.

More to come…

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Should the bulls hold or even build on Thursday’s gains, I am looking at the following ideas as trades on the long side.  Feel free to pick and choose whichever setups best fit your style. Please keep in mind that these are trading ideas only, and I may very well not initiate positions in any of them if the market does not cooperate. I also strongly urge you to use protective stop-losses in order to mitigate your downside risk–I prefer a trailing 7-8% stop loss.

For more details about my trading style and philosophy, please click on the 12631 hyperlink to see about joining our unparalleled trading service.

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Please click on the above screen shot for a larger view.

That shot is a peak inside The PPT service here at iBankCoin. As you can see, members have the option to filter The PPT proprietary algorithm to sort every single industry (and stock) in the entire market. Using the above shot as an example, you can determine which industries were highest ranked by technicals according to the algorithm. Note how efficient this makes your preparation time as a trader, seeing as those listed top ranked industries are currently outperforming much of the rest of the market.

This is only one of many features of the algorithm and service available to members of The PPT. In addition, only members of The PPT are eligible to join the 12631 Trading Service.

Please click on The PPT hyperlink to learn more about joining today.

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