iBankCoin
Joined Jan 27, 2008
7,290 Blog Posts

Watching The Banks

Earlier today, The famous Jim Cramer from CNBC said he likes to pick a stock that encompasses the market as a whole, a market tell. Right now he sees that tell as $WFC. Wells ended the day down slightly, but the daily chart is even more troubling. The March lows were at 25.11, but those lows may be in sight very soon. the financials in general, all look very similar and very weak. Have a look at the daily chart of Wells:

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We have more economic data in the morning, but bad equals good as of late. Just look at oil, the commodity trades negative yet the oil stocks are flying. I have yet to get a good handle on the market here and mostly laying low with new swing trades. I made a rookie mistake buying USO, but was able to escape that death trap yesterday with a nice loss. I almost swore off ETFs as a whole, but then made a great trade in SQQQ that same day. I may go for puts or simply shorting the indexes next, I just don’t trust the ETFs anymore.

As for momentum today, it was found all over. Here is the latest momentum scan: CLICK HERE FOR CHARTS. $GRUB caught my eye from today’s scan, $GDX still solid, but I’m just not enthused to buy stocks.

Chamath Palihapitiya catches a lot of flack as of late, but I agree with him wholeheartedly in his interview on CNBC today. Prepare for mass layoffs in September when the PPP programs ends, just in time for Christmas. This market has just about everyone fooled. And, the IRS indeed knows how to get money to every single American. What a joke this is all becoming, and surely as I type, the government still has my businesses shut down. Watch the banks here for tells, and give the video clip a view too.

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Momentum Monday Give Us The Signal For the Qs

This week’s momentum scan looks a little different from previous momentum scans as more and more inverse ETFs pop up on our list. $SQQQ was one of the top tickers on Monday’s scan and I decided to take a stab at it. Have a look at today’s momentum screen HERE.

Besides the inverse ETFs, here are some individual names I like from this weeks’s screen. Like Gold? $GDX, the miners look ready to breakout, I’m watching for a move above $31. $PAAS is flagging for your silver lovers.

How about that $SDGR? A name I highlighted last week finally saw a big breakout, after a nasty little shakeout to end last week, and continues to make the Monday scan. $LYFT is even showing signs of life, but needs to stay above $30 for me to get behind it. And, $SMAR saw a nice breakout on Monday, but I have a hard time getting behind it up here.

The signal is here for Q, and it’s $SQQQ, until I get squeezed out. See you guys at the open…

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Mother Market Squeezes Short Sellers; Here Are Your Top Ranked Stocks

Mother market did an excellent job this week squeezing all who bet against it, thanks to Jerome Powell & Team. The FED is basically in the market with a bazooka and here I am timid to buy stocks this past week.

The Semiconductor names litter this week’s top 100 list, which was all the bulls needed to keep this rally going. The refiners also made this week’s screen, specifically $VLO & HFC. The pipeline plays are also starting to find buyers, $PAA is the one to watch there, which is a Fly favorite. Will the education names start to move next week? Let’s watch that $LOPE from this week’s list.

Here is your full weekend top 100 screen provided by ExodusCLICK HERE FOR CHARTS. Note that the link is sorted by Market cap, not the actual ranking. Exodus Members can bookmark the rankings HERE.

Mid March, and nearly 36% from the highs appeared to be the bottom in stocks. Yet, I still don’t feel bullish. Have a good weekend all!

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This week’s Top 10:

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I Bought Oil

It’s a very unpopular thing to do these days, but I decided to take a stab at $USO today. This is the ETF that tracks the price of oil, so it is a pure play on the commodity price. I was hoping to get one more washout, but decided to plant my flag here in after-hours.

Trump wants to get this country open, $BA is going back to work, $GILD gives us hope, and stubborn short sellers have all been executed. Long live the USA & Black Gold. Let’s see how this double bottom plays out.

Here is the latest momentum scan: CLICK HERE FOR CHARTS.

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Tesla & Virgin Galactic Are Leading Again, Literally

Right before the covid-19 scare, a time where we used to watch professional sports on television, the economy was ripping and roaring. Speculation was running rampant, toilet paper was handy, and money was swishing and sloshing around. During this time, the first week of February 2020 (pre-covid), Tesla and Virgin Galactic were leading the way higher in our stock of the year contest, I did a post HERE. From that post things began to deteriorate rather quickly.

Fast forward to Mid-April 2020, a few trillion printed by the Fed and millions unemployed, and what do we have? We have $TSLA & $SPCE leading again. Just take a look at the leaderboard to the “2020 Stock of the year contest”:

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Take this for what it’s worth, but it seems the market is a bit complacent in just a matter of weeks. TESLA IS UP 70% for the year, the Nasdaq is barely down for the year, and AMAZON is trading at all time highs, as it should.

Panic has been erased from the market and dislocations have been met by value investors. The easy money has been made, but I have a hard time believing the market continues higher here. But, then again, who am I to fight a money printer that goes Brrrrr.

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A Few Stocks To Watch With A Side Of Momentum

$SDGR -I’ve been stalking this one for weeks now. Watch for a move above $42 to ignite this darling of an iPO:

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$BEAM – Another iPO to watch that has been forgotten through the whole Covid scare. So long as the stock holds $16, I like it on the long side:

$PAA – Watch the pipeline names this week, the group caught some late buyers on Monday. Above 6.50 can get this one in motion:

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And, for our momentum screen, gold & silver names litter the list along with sides of $AMZN & $NFLXCLICK HERE FOR TODAY’S SCREEN.

See you guys at the open…

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