Livestox warning!
Join us Friday for Livestox at 12:15pm ET. There’s a lot of critical price action among group favorites like FEYE, AAPL, TWTR, CARA, INSY, Biotechs, Crude Oil and Gold. Cannabis stocks are interesting, too — especially the repeat 3rd-day surges among several Canadian issues, and sudden high-volume surges in MCIG and TRTC.
An important economic report will have released, monthly Employment Situation report, a.k.a. Payrolls, a.k.a. NFP, a.k.a. interest rate influencer. The broader market’s reaction could be very telling of its intent through Thanksgiving and into the December FOMC meeting.
Add your stock requests to this blog’s comments section. If you cannot attend, the recording will be available before the close.
Login here by 12:15 ET Friday.
Morning Rod. One up, one down question:
ADSK – Is this going to meaningful new highs or has it spent too much energy too fast, just climbing to March-April highs?
MZOR – Building a bottom or simply preparing for new lows?
ADSK — This leg likely has more upside, probably to 66. But the momentum risk is much greater here, whether for inserting a deeper pullback or for other contrary influences to delay or prevent extending higher. My preference in trading this pattern would be to wait for a pullback that ameliorates that risk.
MZOR — This would be interesting to revisit back above 12.55, but meanwhile the pattern suggests it’s preparing to launch another leg down.
Thank you.
And another one which may actually be timely – SMG. A good buy on this pullback?
SMG — sorry, didn’t see this earlier… The volume pattern is so irregular that it’s not clear whether the recent surge was a breakout or just a retest of the high.
thanks. will revisit then over the next couple of weeks.
Please take a look at FOLD, SRPT & WING if you have time, thank you. Joe
Hi Rod , could you look @ ECIG and give an update. Earnings are next week and would like to go long but feel it will retest the low. TY
ECIG — The pattern isn’t in a predictive phase. But greeting the news from above .32 would be more helpful to recovery than greeting it from under .30
In addition to SMG, please add XXII to your review today? What’s with the plunge today? (had an outstanding buy order at 1.26 which caught)
XXII — I have no idea about the plunge, other than it being a hazard or trait of this end of the market. That said, closing above 1.45 would suggest it didn’t gain any traction, but above 1.58 would be optimal
Closing over 1.58 would make it a 25% day for me (and over 40% for people buying the bottom). Optimal indeed :-D
Time to nibble S @ 4.50 + – for a possible break in the 5’s?? TY
S – That’s in the middle of a wide 2-month long trading range. Breaking above 4.75 on expanding volume would be compelling.
BTX – how dangerous is this constant overlapping of previous highs? Sitting at my cost basis now and wondering whether risk-reward has changed.