The TWTR bird is working through a 30-minute chart “cup and handle” pattern, with me still looking for $35.14 as a next breakout level to the upside. I have been trading around this stock for a while now, as it attempts to carve out a bottom.
I suspect the close today should give me much more insight as to whether the rally has legs.
___________________________________________________________
Even within sectors, such as the biotechnology stocks, we can see divergences starting to rack up.
ANIK is a long idea mentioned in my Strategy Sessions and on my videos of late. The first daily chart, below, shows a strong base breakout attempt this morning.
GILD is a major biotech which enjoyed a sharp rally since the April lows. However, with today’s action there is still major topping out potential in play.
Elsewhere, WYNN remains quite weak, while YELP is trying to carve out a base bottom with a $69 upside trigger.
________________________________________________________________
________________________________________________________________
Comments »
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.
Natural gas remains a top inter-market long idea, with soft commodities trying to stabilize but still correcting, and precious metals and miners a bonafide mess. Crude oil is still on watch with a $38 upside trigger on the USO ETF.
But natty remains at the forefront.
The UNG ETF weekly chart shows a tightly-coiled bullish pennant very much in play after last week’s strength.
I view a move and close over $27 and putting a further rally into the mid-$30’s on the table this summer.
BOIL UGAZ are the levered long ETF’s.
ANR WLT are two decimated, but heavily-shorted coal stocks which may be ripe for aggressive squeezes back higher this week. Aggressive traders can keep an eye on them for strength.
Please click here to continue reading
Comments »
In the event we see a further rally this week, here are some actionable long ideas which are heavily-shorted.
Please click the screen shot below for a larger view of my “12631 FINISH HIM! SHORT KILLER SCREEN” inside The PPT. Obviously these stocks are going to have the highest percentage of shorts and, according to the algorithm, are set up well to squeeze further.
If this bull goes buck wild, this is a great idea screen.
Members can click here to view and save it.
____________________________________________________________
Zillow remains one of, if not the, most impressive growth stock technical setup in the market. On the updated daily chart, first below, keep an eye for further strength on a breakout over $120 from the highlighted bull flag consolidation. The stock is still heavily-shorted and shorts appear to be on the run.
Note how the stock operates above all aligned daily chart major moving averages, in stark contrast to other growth stocks (despite their recent relief rallies).
If you are looking for a beaten-down short squeeze play, then consider GEOS on the second chart, looking to snapback even harder than it did on Friday, at least up to its 50-day moving average in a likelihood.
And on the short side, I am eyeing BAC HD MGM for further weakness.
Drop me your top tickers overnight.
_____________________________________________________________
_____________________________________________________________
Congratulations to three-time winner and long-time reader “ctb007” for correctly guessing the mystery chart in my latest Name That Chart post.
The correct answer is that the mystery chart was the daily timeframe for ZEN, the recent tech IPO.
Here is what ctb007 had to say:
II believe its Zendesk (ZEN). The industry is application software. I think it goes lower in 2014.
In addition, a huge shoutout to @maxbury on Twitter who correctly nailed it, as did @cnguy79.
What do you think about ZEN?
Thank you to everyone who played.
I will be back later with ideas for Monday.
But I already gave tight analysis in my latest Weekly Strategy Session published, earlier today. Check it out!
___________________________________________________
