Stock #Market Recap 06/05/14 {Video}

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Enjoy tonight’s video, and enjoy your evening. 

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Whole Foods Market is finally staging something akin to a snapback rally, considering how obliterated the high end, trendy, scene-y grocery store has become in 2014.

On the daily chart, below, note toy’s uptick in buy volume as price is breaking up and out from a channel consolidation.

You can see the vast gap-fill territory above, ripe for a quick long trade perhaps next week.

I would trade longs against a $38 stop-loss.

See you after the bell for my video market recap.

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With shorts badly out of position in this market and the small caps lifting hard, it may be worth looking at some real beaten-down trashy stocks ripe for short squeezes into tomorrow.

Blue Nile online jewelers has been a dud for a while now, for all of 2014 actually, and is heavily-shorted. Thus it is ripe for a trashy squeeze in a frothy tape, trading against the double-bottom lows highlighted on the daily chart.

So feel free to take a drive out to the Roosevelt Field Mall on Long Island and start talking trash to random people minding their own business.

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I took a piece off of my TWTR Long just now for the sake of discipline.

Here was my note to 12631 members:

Sold 1/4 of 3/4 long $TWTR @ $34.54 from core $32.66 entry and $33.29 add to lock in initial gains as the stock hits its upper daily chart Bollinger Band for first time in a while. 1/2 position now.

01:18:53pm EST on Jun 5, 2014

 

Continuing with my recent history of playing snapback rallies in beaten-down growth tech stocks, I went long SPLK inside 12631 at  $42.48 with a stop-loss below $40.

I would only consider adding to the position on further strength.

Splunk has been a dud even compared to other beaten-down names, failing to muster much of a relief rally at all.

However, with price finding some initial support at September 2012 highs, seen below, I like the defined risk of the trade at $40.

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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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