Everyone last Week Patiently Waiting for the Fed to Speak and Give Us a Update. He Did and the Market Didn't Like It. The Straw that broke the camels back. Too bad in a way because there were so many charts set up to breakout lol. Anyhow these are great opportunities for future long positions and shorting weak stocks. Trading all DICTATED by the Overall Markets.
During the Sell Off, Most any Stock Would Have Been a Great Short, but we focused on $SPY Puts. Trading the $SPY is Great! Liquidity is always Massive and nice Tight Spreads. We will continue to follow the S&P and trade her accordingly using the Fibanocci Retracement Chart Below. We like to stay in the money with our Options.
$SPY Outlook for a few days in our Opinion is a rebound up and then we resume lower to test the 76.4 fibonacci line and 100 ma line. Weekly chart we show the 38.2 fibonacci line at 155.9 area for a longer term short.
Charts That Held Up Last Week and Whats on Watch
$ASYS 136.2% Gains to Date.
$ASYS 6.41, Our Sleeper Alert of 2012, 2.90-6.85, Continues to Preform and during the market sell off so that tell me to keep her on high watch.
Thursday running up and hitting our next target the 100ma resistance and closed above. We should see a little pullback but that 100ma should now serve as support.
ARUN 14.89 Still holding up and making higher highs and lows. Bollies getting tighter on the daily chart and my target is once again 16.77-18.10 top and bottom of gap.
$MU Micron 13.90 We alerted MU back in october of last year at 5.17 in our message board and on our watchlist at 5.44 10/21/12. This stock hasn't stopped since hitting high of 14.11 a 173% Gain.
From may to present, looking at the daily chart every 2 weeks or so she makes a new high and retraces back to the 13sma or 20sma and rebounds. This is our present blueprint to trade this stock. Shes a great Swing trade and i should have pounded the table more the whole way up. Our Target from here is the Monthly 200sma resistance.
(NASDAQ:MU) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. Adjusted Earnings Per Share increased to $0.04 in the quarter versus EPS of $-0.32 in the year-earlier quarter. Revenue Rose 6.72% to $2.32 billion from the year-earlier quarter.
Micron Technology Inc. reported adjusted EPS income of $0.04 per share. By that measure, the company beat the mean analyst estimate of $0.02. It beat the average revenue estimate of $2.25 billion.
$LULU 61.90, We have been watching closely and looking at the 57.60 area for a reversal. Present low is 59.60. We think the sell off is way overdone.
Regional Banks on Radar
They Seem to be Preforming When the Overall Markets Aren't, so we are looking at the 2 below and also 2 more in that sector is $RF Regions Financial and $HBAN Hunington Banshares.
$PBCT 14.44 Blue Sky Breakout Chart here with my local bank Peoples United Corp. Options volume is sorta low but watch for more to come in if thats the instrument you want to use.
$KEY 10.54 Chart Showing a reversal here after bouncing off her 50 sma at 10.24. Options volume are pretty liquid in the 11 calls. .11x.13.
$RHT 46.45 Red Hat $RHT a stock that got beat up last earnings, chart looks set up. Will have to keep an eye on it. Sitting on her 13sma on daily chart
$GNK is another chart that has a very bullish set up and might be one to take off for us
We are not financial advisors and not qualified to give advice. Anything we post or charts we annotate are only our opinion and NOT a recommendation to buy. We may or may not have positions in securitys listed.