Since I was down for most of last week, I did very little in terms of locating set-ups. After a run through of a few of my favorite scans, here are a few charts I’ve selected this week:
Long Ideas, CLICK HERE
Cheapie Plays, CLICK HERE
Short Ideas, CLICK HERE
I’ll be focused on the cheapie plays mostly this week, as these types of environments favor cheap stock plays. Should be easy to find some momentum breakouts this week.
More later,
OA
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Within the next week or so, I’ll kick out my 2015 predictions. This will include a few overall macro themes, sector plays, index price targets and other fun stuff we’ll try to pick out for the upcoming year. While I don’t marry my approach to this stuff, its fun to look back and see how you generally saw the year setting up.
Here’s the 2014 outlook from last year. A few of the highlights were:
-Setting up to be much more difficult. “Year of the stock picker.” Fewer stocks will participate in pulling most of the market weight.
-SPX price target 2050
-VIX will spike to 30 later in the year
-GLD to $105
-“China is the Wild Card. Will climb the wall of worry this year. Shanghai hits 2500/2600”
-EEM hits $50
-Hot housing market
-Continued strength in alternative energy
-VSLR IPO. Explosive growth candidate.
Again, I’ll be doing my 2015 outlook around the start of the New Year. Looking forward to a much less difficult trading environment.
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Guys, I apologize, but I am dying here today. Can’t sit up straight longer than a few minutes.
Therefore, no After Hours with Option Addict today. As ideas for the remainder of the week, our indicators flashed oversold on NG_F, which may present opportunity for UGAZ or GASL.
I still like the idea of buying dips in growth names. TWTR looks a lot like YELP did yesterday. If it finds buyers, this will strengthen that conviction moving forward.
Be cautious of the IWM, VXX, IBB situation today. While it seems a little year end/holiday rotational, we’ve had another major run in stocks, so be cautious up here.
Top picks: BABA, SUNE, UGAZ/GASL
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I picked up $CDK at $40.19, looking for a breakout.
I bought shares of $BABA for the long term just above $106.
I would keep targeting growth stocks into weakness, such as $FB, $AMZN, $MBLY.
More later,
OA
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David Tepper on this call now as well. More and more references coming that suggest this year rhymes with 1998.
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Watching a handful of growth stocks trade today, the dips have been shallow. YELP is at a nice retest area on the chart. I took Jan 57.5 calls here looking for a reversal.
I’m a little under the weather today, so I might have to keep After Hours with Option Addict to a short session. Not much worth talking about in this market, other than set-ups.
By the way, what’s your top pick here?
OA
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