iBankCoin
Joined Jan 27, 2008
7,092 Blog Posts

The Almighty $SPY Recovers The 200 Day Average Today

The title of this post means absolute shit, but it made for a good headline. Indeed, the $SPY did recover the 200 day moving average, but the $SPX, the actual S&P 500 index is still right underneath the 200 day moving average. We will need a solid week of earnings, else expect to get some resistance here from buyers.

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Here’s a look at today’s MOMO screen. Pick your favorites, it’s still a traders market:

 

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Big Earnings Week; Everyone Smoking Weed

The cannabis trade is alive and well this morning with the ETF $MJ up a cool 4.20% on the day. Our chat room, inside Exodus, is buzzing with symbols this morning, specifically CBD plays. Here are a few popular tickers this morning: $JVA, $WTER, $NBEV, $DTEA, $ACB, $TLRY, $ZYNE, & $PYX.

We also have a big earnings week ahead with $GOOGL leading things off this afternoon. Be sure to check your earnings dates, Earnings whisper has a good visual for the week, see below:

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Let’s see if $SNAP comes through for me tomorrow…

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Hump Day: Let’s Get Into More Charts

This is where it truly becomes a stock pickers market. Forget what the indices are doing, there is action to be had in individual names. Our Exodus screens are lighting up once again with many many tickers. It’s almost becoming a task to sort through them, but it signals bullish activity.

Let’s take a look a the names closing near the highs of the day despite the weak overall close. These are the names I want to watch into tomorrow tape. $GE even made tonight’s list, and I must admit it looks good to go. CLICK HERE FOR THE FULL SCREEN.

My favorite charts include:

 

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Here Are Some Of Today’s Top Hybrid Movers: Chart Porn

The hybrid screen is buzzing again as stocks continue to find their footing. Today’s hybrid screen sports over 200+ tickers, for those that feel like doing a little chart surfing, here are today’s top movers within our Algo: CLICK HERE FOR CHARTS.

For those just looking for the best charts to trade tomorrow. Here are a few of my favorite setups from today’s screen:

 

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Eating Crow: $SNAP Trades Lower As CFO Steps Down

I had a very timely post yesterday as the stock of $SNAP was flagging above the 50 day moving average. Unfortunately, for me and anyone long the name, we will face serious pain tomorrow as stop loses trigger around the globe. This has the classic making of a rout coming directly at $SNAP’s head. There is no way to sugarcoat this, here is the forecast for shareholders tomorrow:

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Mea Culpa on the timing of my last post. $SNAP is back in the doghouse as their organizational structure continues to be in shambles. This is a red flag. Here are the details on the CFO departing CLICK HERE FOR MORE.

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Look At That Form: $SNAP to $80

$SNAP is currently my largest position, and my stock of the year for 2019, so imagine how pleased I was seeing this note first thing in the morning: SNAP upgraded to $80.00/share.

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Obviously, we all knew there was a typo this morning, but it made for a good headline tonight. All jokes aside, take a look at the location for SNAP here. We are already up a quick buck to start the year, with the stock flagging out right above the 50 day moving average. A move above $6.50, today’s high, likely takes us straight to $8.00 (minus the one zero from $80.00). Traders can use the 50 day moving average to manage risk here. It’s a buy on strength (I’m talking my book again).

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And, for today’s momentum Monday screen inside Exodus, here are a few tickers to watch for the upcoming week.

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