iBankCoin
The first hit is always on the house.
Joined Aug 2, 2009
1,847 Blog Posts

RALPH ACAMPORA STUMBLES ACROSS MY CHART OF THE YEAR

Every year I post a “Chart of the Year” which have been bad ass, since they’ve been so dominant as market factors for the year looking forward. Last year my $FDN was a beauty. In essence, its top weighting was $FB, $AMZN, $NFLX, $GOOGL, $CRM. After all, 2015 was when #FANG was born.

Here’s a look at my call in December. That this chart would lead to excellence in the overall market movement. The images in the post all appear to have expired, but here’s the same snapshot I introduced in the iBC NYC Conference, which was months prior.

From CNBC today:

After months of churning in a narrow range, the markets could be in store for a very sharp move, according to veteran technician Ralph Acampora.

“I think if you look at the S&P 500 and put a Bollinger Band on it, it’s getting very tight,” Acampora told CNBC’s “Futures Now” on Tuesday. Technicians often look at Bollinger Bands as a measure of volatility in the market — they tend to tighten during periods of low volatility and widen during periods of heightened volatility. The S&P 500 has not seen a 1 percent move in either direction since July 8 — its longest such streak since 2014.

“It’s like winding a spring,” he added. “This tells me that the move should be pretty dramatic either up or down, and I opt for the up because of the current leadership in technology and financials.”

Technology and financials are the two best performing sectors over the last three months, rising a respective 9 and 4 percent while the S&P 500 is up 3 percent in the same period.

But what makes Acampora even more bullish lies beneath the surface.

“What’s really impressive — and I’ve been looking at charts for 50 years and I’ve never seen [anything like this] — when the S&P 500 and Dow moved to new all-time highs, it was led by market breadth,” said the director of technical analysis for Altaira Capital Partners. “That means the majority of stocks were stronger than the large blue chip averages. I don’t think I’ve ever seen anything like that.”

Acampora explained that the outperformance of small and mid-cap stocks lead him to believe that the market is broadening, and that could mean even more new highs in the near future.

“I’m fairly bullish longer term,” he added.

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HAVING AN AVERAGE DAY

I like the look of the market here today with the usual divergences in play. I happened across a lucky opportunity yesterday in my Burrito love affair, and has paid handsomely.

I booked a gain in $SPLK today and used the proceeds to average a position in $TSLA a few minutes ago. I have lost more money in that name this year than I can count, so like $CMG yesterday, and $BIDU back on 7/29, I told $TSLA that this is our last chance to “make this work.” I gave these three stocks an ultimatum in my last purchases. 2 of the 3 relationships have paid out and we’ve mended our recent differences, now it’s up to $TSLA. The ball is in her court. Naturally, I am invested in her and have given her an opportunity to make things right.

I also bought back into $SOHU after yesterday’s sale. I needed more time, so I locked the September win at its relative high, and bought back into an October position just off the low today. We’ll see how that works out.

The last trade I’ll take today is to add to $LN, should I choose to do so.

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PERSHING SQUARE ORDERS A 9.9% STAKE BURRITO

Good timing on my $CMG buy today. No jinx.

Chipotle Mexican Grill shares soared in after-hours trade Tuesday after Bill Ackman’s Pershing Square disclosed a 9.9 percent stake in the stock in a filing.

Chipotle stock last traded more than 7 percent higher in trading after the bell.

In a filing, activist investor Pershing said it intended to engage in discussions with the fast-casual restaurant company’s board and management. It added the stock is undervalued and attractive.

Chipotle stock has been hammered by continued fallout stemming from food-borne illness breakouts that hit several restaurants locations across the country last year. Year to date, its shares are down 13 percent while the stock is off 45 percent from its all-time high hit last year.

For the first six months of this year, comparable restaurant sales, a key industry figure, dropped 26.5 percent as the chain continues to feel the lingering impact from the incidents, which were associated with restaurants in 15 different states.

The Reporting Persons (Pershing Square) beneficially own 2,882,463 shares of Common Stock (the “Subject Shares”), which number includes: 554,213 shares of Common Stock and 2,328,250 shares underlying forward purchase contracts.

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SO… YOU’RE SAYING NO DIPS?

The market won’t even muster up a 1% drop before stocks to ape shit to the upside. Please tell me that I shouldn’t be excited about this because “my market” is up a paltry 7-8% on the year. My stocks are moving +7% per day, being chased into outer space because all the “pro’s” positioned for recession…or even worse, didn’t have exposure to equities as we traded to all time highs.

If you own stocks, it is so hard to sell here. If you own something trending and you sell, they aren’t letting you back on. Most call that a decent sign of a bull market.

I bought $CMG and $MBLY calls in the first few minutes of the day. Looking to buy some $PCLN and add another longer dated position in $DATA.

What are you considering chasing here?

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IPO MARKET HASN’T BEEN THIS HOT SINCE 2012 – SHOULD YOU PLAY THE SIDELINE?

2011 sucked ass. Coming out of 2011, 2012 offered a slug of awesome IPO’s ($VIPS, $PRLB, $NSM, $FIVE, $WAGE) that helped the market restore a little confidence and provided a little momentum to take everyone’s mind off daily market manipulation, coming catastrophic events, and everything else in between.

Check out the smokin’ hot IPO’s of 2016. Notice any pattern they’re following here? Base, rip, base, RIP. Are you playing any of this stuff? Good way to take your mind off the fact that the market is going nowhere and everyone’s losing their fucking mind.

Market of stocks, ya’ll.

Like the look of $TWLO and $LN based on this template. Looking for some enthusiasm and some chase.

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STOCKS ARE UP – HERE’S WHY YOU SHOULD HAVE A GREAT WEEKEND

Sorry I am running behind a bit. Long week.

A few facts about today:

$TICK reading today the strongest since 6/29. That was part of the post Brexit dip-buy.

$ADVN-$DECN most extreme since 7/8. ATH’s. Part of the thrust to ATHs.

Thus far, the start of September seems to be a repeat of start of August. Sounds good to me.

I bought $AMBA a minute ago, looking to get some gains off into the close, but also have the most stacked watchlist I’ve had since the beginning of last month. Odd, no?

I like retail as a theme. Take a look at my Fave 5…

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