Livestox Recording Oct 19, 2015
Monday’s post-close Livestox recording is below, and the stocks we addressed in order follow that. I highlighted my most timely picks, updated some previous coverage, and reviewed charts that were requested by subscribers. The session is heavy on analytical technique. Please don’t hesitate posting follow-up questions to this blog post’s thread.
SPX
GPRO
TWTR
GILD
SCTY
BTX
KMDA
SZYM
ARNA
OGRMF
PMCB
TWMJF
XXII
ECIG
VAPE
Hihi PRMW please? Too late to get on board? Target please/ tku.
PRMW — Too late for any responsible risk:reward criteria. I’d consider buying a dip to 6.75, but that’s probably not a near-term event. If just taking a stab at getting long, one stop candidate would be 8.25
DUK – announcing earnings tomorrow AM — lots of consolidation for the past couple of weeks. If ER is good, what is the potential bounce?
DUK – Not greeting earnings from a position of strength, as recent action behaves more like a temporary corrective bounce on contracting volume, and less like the beginning of a new rally leg. But recovering 75.30 would suggest otherwise, and could launch an upleg targeting 84.
Canadian issues that I had highlighted over the weekend and which rallied sharply yesterday had extended sharply higher at this morning’s open, too. Those gains are shrinking this afternoon, so be prepared for a potential third-day charm of a brief and final higher high tomorrow (Wednesday).
Hi Rod, are there any new support parameters for VAPE? These marijuana stocks always feel a little like Lucy pulling away the football at the last second.
VAPE — No new supports. Closing under .034 was not necessarily bearish, but it makes the next rally likely to be delayed by forming another bottoming pattern first.
Got it, thank you!
Hi Rod. RKUS – long a little lower looking for a target. Tks.
RKUS – The recent gap back up to 13.20 is an attraction. Get through there on expanding volume and 15 comes into-play.
Morgan Stanley downgrades Twitter from Equal-weight to Underweight and lowers the price target from $36.00 to $24.00…..any thoughts on this Rod?
TWTR — Pre-open is barely threatening to touch a prior session’s low. I’d prefer that 29 not be pierced as support, at least not very deeply or for very long. But that is the pullback limit to maintain the upward momentum.
tku Rod
AAPL – are you still thinking 120.50 is the target?
AAPL – 120.50-122 is “higher prior lows” whose retest becomes likelier as the interim prior high is recovered (116.50).
INSY hit the $21.95 you had targeted & went as low as $20.83. Has this hit a bottom?
INSY — Even if entirely confident that the low is in, there’s no assurance of price reversing back up. Even in the most bullish scenario, some sort of bottoming action is likely… Meanwhile, the rest of the sector still looks bad, not to mention the downward momentum generally. And GWPH look like it’s ready to fall off of another cliff.
If you can’t beat ’em, join ’em!
http://www.reuters.com/article/2015/10/17/us-mexico-marijuana-idUSKCN0SB0Y520151017
I had noted here yesterday to be aware that Canadian issues I had mentioned in this week’s Universe were forming what could become “third-day charm” morning rally that melts away into the afternoon. That seems to be playing out as several turn negative from earlier gains. Those patterns don’t tend to be retested for awhile if at all.
So what would indicate that this isn’t the “third day” setup? because currently both OGRMF and TWMJF look to be closing still higher than Tuesday on pretty strong volume still (in CAD).
I’m in both for the long haul but this is starting to feel very much like March ’14, and I’ve no interest in a repeat of April.
OGRMF, TWMJF, SPRWF are all trading under Tuesday’s highs, appearing to have peaked. Those highs are significant. Often, they last for quite awhile. But once recovered — whether sooner, or later — the next upleg is underway.
got it, thanks.
AMSG – Support & resistance
AMSG – The falling knife’s next chance to bounce is at the 58 area, back up to 61. Closing back above 61 could begin forming a bottoming pattern. There’s meanwhile potential to extend the decline too 54.10.
WDAY – support & resistance
WDAY – Unimpressive volume during the latest upleg, but that hasn’t prevented the upleg from extending. It might matter now that 80.30 resistance is being tested. Closing above 81.50 accompanied by expanding volume would target new highs. Meanwhile, back under 76.20 would start to signal the rally had ended.
WYY – a bit slow on the uptake, no? Is it looking likelier to resolve down now to fresh lows?
WYY — Yes, volume has not improved. Closing back under .80 could extend down quickly to .45
Rod what do you think of LYSCF? It broke through big resistance around .04 today. How high could it go?
LYSCF — It broke through big resistance at .31 last week. Volume was healthy, and has remained healthy after a corrective dip back to .31… Now holding .04 as support can enable extending up to .053