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While I agree with Dr. William Davis on the subject of modern wheat how flagrant it truly is for human beings, in terms of trading I am long wheat and added earlier.
I like what I am seeing from the wheat fund, below on the daily chart basing sideways. In addition, wheat futures featured a strong floor close today.
My original entry was down at $10.90.
Also note the strong buy volume today and of late as price digested the initial move off beaten-down lows.
Drop me your top final hour ideas into the bell.
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I have been laying off the short side largely due to the small caps holding recent lows, and the market exhibiting signs it wants to finally hold a relief rally.
I still suspect better short entries await us in the coming days. But first we need to see how the market handles this bounce.
Ebola plays are on my radar and in my book on the long side.
And the CORN WEAT soft commodity plays are there, too.
But if you are an over-eager short, you wanted to see this morning’s weakness beget more weakness, not another upside reversal.
For now, it is wise to avoid the chainsaw of a short squeeze rally.
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I am long INO here, with a stop under $10.80.
I am playing for rotation, again, within the Ebola space. This time, I am looking for the vaccine plays to lead, namely Inovio.
Inovio is heavily-shorted an ripe for a squeeze, to boot.
You will also note that of all Ebola plays we have played and analyzed here, this one is the most heavily-shrted and this prone to violent upside move fueled by shorts.
The chart below shows the narrowing pattern of higher lows but lower highs since last February, which is quite a coiled pattern indeed.
My bet is that it resolves higher.
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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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The weekly chart of Netflix, below, shows a broken steep multi-year uptrend.
Today is only the first day a “shocking disequilibrium” in the stock, where there is a major re-pricing in terms of institutional selling.
Typically, it is best to wait at least several days before attempting a short-term reversion rally trade, if at all.
Longer-term, the stock has broken steep trend and, as a major leader in this market, is in trouble.
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