iBankCoin
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,861 Blog Posts

Casinos Hoping for a Playable Hand

Casino-Hd-Hd-Desktop-Wallpaper

Bottom-fishing bulls have had a rough go of it with the major casinos in recent months, with virtually all of them staging major breakdowns.

On this final day of the month and quarter, note the likes of Wynn Resorts staging sharp upside reversals.

A counter-trend rally could easily be in the cards in the coming weeks. But when we see the broken major support trendline (light blue) it is likely to only set up the next big short trade for these busted charts with declining 200-day moving averages.

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WYNN

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Casinos Hoping for a Playable Hand

Casino-Hd-Hd-Desktop-Wallpaper

Bottom-fishing bulls have had a rough go of it with the major casinos in recent months, with virtually all of them staging major breakdowns.

On this final day of the month and quarter, note the likes of Wynn Resorts staging sharp upside reversals.

A counter-trend rally could easily be in the cards in the coming weeks. But when we see the broken major support trendline (light blue) it is likely to only set up the next big short trade for these busted charts with declining 200-day moving averages.

___________________________________________________

WYNN

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Another Small Town Throwdown

Small caps are still dragging the market down here, with the Russell weakness this afternoon threatening another breakdown from the bear flag we looked at this morning on the daily chart.

I am testing out a short on these guys.

Back with some more analysis in a bit.

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Five Stocks Cooking Well Today

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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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2014-09-30_1230

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Not All Coffee is Bulletproof

I added to my long JO position inside 12631, as the weekly chart for the coffee ETN still shows a potential bullish falling channel.

Here is a good article on the rust fungus affecting the coffee crop. (H/T @StuOnGold)

What are you trading this morning?

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JO

 

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Spicy Red Combo

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The Russell 2000 Index daily timeframe shows that that first leg down below the 200-day moving average over the past two weeks may be setting up for another one lower, yet.

Note the highlighted bear flag potential, as dip-buyers have had every chance here only to make little-to-no progress. This continues to be a problem area in the market which is not improving.

Elsewhere, a name like LNKD looks to be setting up as a short again, while marquee leaders are squishy at best.

Indeed, recent IPO’s such as GPRO can only serve as a hiding place for so long…

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RUT

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