Livestox Recording Dec 3, 2015
Thursday’s Livestox recording is below, and the stocks we addressed in order follow that. Please don’t hesitate posting follow-up questions to this blog post’s thread.
INSY — Reacting to a negative article, after having tested 34 resistance. Potential to resume the rally and extend to its 37 objective, so long as 30.40 holds as support.
SPX — Was on-track for resuming the rally to new highs when California’s incidents were reported. That has shaken the market, and it is searching for a lower level to try launching a new rally leg.
AMMJ — Continues to be my top pick in the Cannabis sector, as it is still forming the handle of a Cup & Handle pattern. Pullbacks must hold .12 to maintain the pattern.
XXII — Needs to recover .45 soon to avoid launching a new downleg.
LXRP — Potentially forming a Double Top, the recovery can’t afford much more of a pullback, if any, before resuming its rally.
CARA — Fresh recovery highs are likely so long as 13 holds as support. But preferable entry is on that test or its recovery.
GWPH — Would only buy strength that is high-volume, and then not waste time getting long. Otherwise, still looking for a fresh low.
SUNE — By target met at lows, vulnerable to tax loss selling pressures producing a momentary fresh low.
AMBA — Not greeting earnings news from a position of strength.
SRNA – Yow, now down to .0702 — thanks so much for your earlier advice not to buy in at .074 :)
SRNA — Do you mean .094?
SRNA – Actually, no, I meant your advice yesterday about not bottom-fishing it. It’s recovered above .074, but not interested in buying on a Friday. Would be interested to know when it is worth bottom-fishing. Thanks.
SRNA – Exactly. New lows on a Friday tend to follow-through Monday. They also tend to reflect such substantial selling pressure that a recovery is a long way off. But it’s in my scans, so I’ll continue monitoring for any divergences.
Good Morning Rod….INSY…Sold on the negative news last week & now looking for new entry. Is it still bottom fishing or has the trend reversed back up?
INSY — Actually reversing the trend up at this stage would require closing above 29.80. Meanwhile, defining this pullback as only temporary requires it to hold 25.35-27.60 as support (being tested now). Closing under 23.95 would target new lows.