iBankCoin
Joined Jan 27, 2008
7,406 Blog Posts

Mid-Week Update

It’s already been one hell of a week, and we still have a few trading days to go– only 5 more trading days until Thanksgiving. Finally, its been a few years, but the Mythical Turkey gods have shown their face. In my last post, I was watching the small caps, specifically $TNA. Well, we got the move, and saw some resistance as we traded back through the 200 day moving average.

As for the rest of the week, below you will find tickers from my updated scan. Crypto and the Cathy Wood (ARKK) names are now in focus according to my scan.

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An Update Of Sorts; HBD iBankCoin

I missed one hell of a week in the market last week while traveling to Colorado Springs. I finally got a chance to visit the Garden of the Gods, and scale Pike’s peak. Definitely a bucket list item.

A few years ago, I got a chance to watch 311 at the Red Rocks Amphitheater, but fell short on time to hit the peak that is Pike’s. It’s been a transition period for me, an end of an Era one could say. Covid/inflation did a number on my small businesses and I’m finally moving on from my group of franchises and settling in the corporate world.

I used to think school was a waste of time after starting multiple businesses, I felt it hindered my progress. My thoughts were if I had not went to school I could have had better territories within my franchise. However, being in the fitness business for 15+ years, nobody was safe from Covid-19. And, it only got worse thereafter. Inflation raised rents across the board, electricity prices were at all time highs, and franchise fees doubled. All costs were raised significantly, and it was hard to raise prices when the industry was lowing prices ie. Planet Fitness.

At this moment, Im pretty happy I went to school and earned my Accounting degree. I ended up landing a pretty sweet role at a fortune 500 company and pretty excited to see where I can take it within the company. The role is remote four days a week, which makes the transition easy. I also get to move back to my home town, New Orleans leaving Cajun country, Lafayette behind. My time may be limited inside Stocklabs as I make this transition, so I need to make sure I get my ideas out nightly via the blog.

iBankcoin celebrates another birthday today, and it’s a blessing that I still get to share my ideas on this platform. But, enough about me, let’s get into some scans for the week ahead. The Momentum Delta scan is where I like to start when performing my weekend homework, members scan find it HERE. Plebs can find the fullscan HERE imported to finviz.

From the scan, I will be watching the following names: PLTR, MARA, NU, CCL, DVN, SE, PENN, IBRX, PATG, AVGO, & DDOG.

It’s also worth noting that seasonally speaking this is where we begin to see a dash for trash in the small caps. Let’s see if the Russell can finally get out of the doldrums, $TNA is on my radar.

Happy Birthday iBankCoin! Cheers to another year.

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China stocks surge after new schemes to boost their market

China has been on fire the last two days thanks in part to the following headline:

FXI, China’s large cap ETF, recovered both the 50 & 20 day moving average today, $AAPL also did the same thing. Did the forced buying from China help us find a short term low? Or, is it back to business as usual looking for puts every time we close a 5min candle below vwap?

One name I’m invested in here on the long side is $BABA, which displays one of my favorite setups. Let’s go ahead and walk through multiple timeframes to see why this has become my favorite setup.

1.) China. Paying attention to themes can pay big, if you can get the theme right. Let’s see if the China theme sticks around. $PDD just smashed earnings and $BIDU did last week, both helping the cause.

2.) Multiple Timeframe analysis. Pretty much a fancy word for looking at charts in different time frames. I like to start with the longest time frame first, so let’s look at the monthly chart for BABA.

– July was a strong month for BABA, breaking and closing above the 20day moving average. In August, the company reports a blockbuster quarter, yet sold off with the overall market retesting that 20day moving average on the monthly chart. Well thanks to the new China orders, it looks like we will close above the 20 day moving average on the monthly chart, which shows a change in trend.

Let’s now take a glance at the weekly chart, this is the chart I like to dive into volume profiles to see if I can find any volume pockets of note. This helps tremendously when looking for price targets. For $BABA things start to get thin above $120, which should take this thing closer to $150-160 to fill this pocket. However, we still have a ton of volume to work through in the short term, so it’s not going to be a straight shot. I do like the inverse head and shoulders pattern = bullish.

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Now to the daily chart, which shows a pattern I love to see develop. Notice all the moving averages, notice how they all converge at the $91-92 area, which is right below price. The creates support underneath and signals a trend change. I now want to see price hold the moving averages to support the trade:

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In conclusion, short term we have some volume big volume to work though, but price is above all major moving averages providing some short term support. Over $100 and we may get a breakout (see above chart blue dotted line), over $120 and we may get a Kirby Vacuum up to $150.

Disclaimer: Long $BABA common and calls at time of post.

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Weekend Momentum Scan

So China saved us on Friday and we finally got the $100 roll for $BABA. Judging by $KWEB, a popular ticker on Friday’s scans, I’d venture out to say we’re just getting started….

Running a quick momentum scan at the close Friday, here are the names I selected to watch on Monday. All stocks traded above average volume and have ripe technical setups. This is a recipe I use over and over again inside Stocklabs— I use my scans to find the volume– then find the best technical setup to trade. The following are on watch this week…

Have a good weekend all!

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100 ROLL ON DECK

$BABA is fresh on the scans this morning along with $NIO and $XPEV. $BABA technically looks poised to hit $100 sooner than later and I’m looking for calls in here today. Here’s a look at your morning Stocklabs scan;

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The Very Best Charts

This weekend I decided to queue up a quick screen to find the very best technical scores within the Stocklabs software. Below you can find my findings, which some may surprise you. We’ll start of with JNJ…

Despite giving people cancer the stock still has one of the best technical scores around. And, if you’ve been looking for alpha the last few days as the market declined, JNJ was the play:

The banks also have had a few good weeks, and I was pretty surprised to see $WAL with a tech score greater than 4. $BAC also made the list, along with $SUPV

Oil was the standout in this weekend’s screen as hurricane season is just underway. I believe there is an area of interest right now that might land inside the Gulf and possibly halt production. Whatever the case, here are some good looking charts within the industry:

Indeed, their has been a rotation out of tech and into banks, oil, and staples. For the current full list of top technical scores, I’ve imported the list to finviz for your viewing pleasure: CLICK HERE

Member can bookmark the top technical scores HERE.

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