Today is June 23rd, 2014, it's 10:30 am here in Berlin. Every weekend I go through some charts that I like to trade for the week as part of my preparation. I would to share it with you.
Global News: Major news currently is the escalating situation in Iraq. This is a market mover and should be watched closely. Any escalation could lead to a breakdown. No major news from the Syrian war. Nor is there any reports on major hostility from North Korea lately.
Economic Calendar: Packed for the week with Manufacturing Index, Existing Home Sales, Consumer confidence/sentiment, Jobless claims and farm prices. All of interest, any unusual or unexpected results could trigger a pullback. Any favourable reports and we could breakout once again.
Earnings Calendar: A quick look at the earnings calendar for the week shows not many major companies reporting, except Nike and KB Home.
Markets: Markets seem to continue their breakout, with major indices staying close to all time high. This indicates a strong bullish sentiment, so unless we get major negative news, we should continue higher.
| $SPY Daily Chart |
Bullish Trades:
1. AAPL
Apple has seen bullish investor sentiment since announcing a big share buyback and the 1:7 stock split. This coupled with strong earnings announcement, has moved Apple close to all time high. Last week I was looking for the retracement to the 20MA and I got it. I might have entered too soon but I think my options will profit nicely this week.
Positon: June 27 $92.14 calls @ $1,00
| $AAPL Daily Chart |
2. BBY
I liked BestBuy's chart last week and entered a trade. I was expecting a continued run to fill the gap but ended up retracing to support.
Positon: Jul 19 $29,00 calls
| $BBY Daily Chart |
3. TWTR
I like Twitter a lot at this point. The stock has been in an uptrend for 2 weeks now. Higher highs everyday and went right through the cap. I'll look for a good entry but I expect to get a good run. Entry and stop upon entry will likely be closer to upper gap line @ $38,00
Position: None
| $TWTR Daily Chart |
Bearish Trades:
1. NFLX
Lots of insider selling has me bearish on $NFLX. Stock has been on a tear and due for a pullback. currently looking to be topping off so I'm ready to short this again.
Position: None
| $NFLX Daily Chart |
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