I couldn’t tell you which way we are headed in the short term, but I can tell you the action Wednesday was uninspiring.
Here are a few trades I will be watching Thursday:
LNKD – Watch for a breakdown here with the close below the 50 day moving average. A little more weakness will trigger panicky sellers. I like it on the short side, for a trade, with weakness across the social media names:
TRIP – Another one worth watching on the short side if things fall apart here. Below 101.46 and this one can unravel quickly.
GORO – I love when I see a chart setup with converging moving averages. Notice all my moving averages (200, 100, 50 & 20) coming to a head, creating a nice area of support for the stock. All we need is a little traction from gold and this one is off to the races:
CRUS – Here’s another name i’m looking to buy on strength. A move above 24.04 will trigger a buy, keep it on watch here:
See you guys at the open, and make sure to drop by our trading room, 12631, to trade with us in real time. Should be a fun day.