Had Earnings 3 days ago which spiked the stock from 3.40s to 4 and now it consolidating in the 3.90 area. It has been forming lower highs and gradually edging away from the whole number. I’m going to wait for market open to trade as I still don’t feel confident enough to trade premarket without good a fundamental catalyst. The plan is to short into weakness and play off lower highs. If the company has good news on the other hand this stock may push past 4 and could well be a multi month breakout when it pushes past 4.30 but this could turn into a swing trade.
Sportsmans Warehouse opened a new Store in Yuma on the 11th May at 9:00 am. Since this news was announced SPWH has grown from 4.10s to the 5.17 making it a multi month breakout. The volume also surged from 600K to 1.7M from the 11th to the 12th. I’m hoping this momentum can continue and the stock will continue up. Sportsmans Warehouse did open another store on the 27th April but the stock only went from 4.16 to 4.31 before becoming back down. It may be that the stock does the same but there does seem to be a lot more momo this time around.
Has broken its monthly highs of 4.44 and is now trading at 4.57. The company has announced it’s first courter 2017 Earnings Conference Call and Zacks.com said that the company has an average four quarter positive earnings surprise of 38.1%. In December 2016 they had a surprise of $0.24 (126.32%) and tomorrows estimate is $0.15. I won’t be surprised if the stock does surge.
HDP has broken out above its multi-year highs and hasn’t got any resistance till 15.75. It went up 0.87 on Friday and 0.45 after hours. The more it goes up the more it will come down but I don’t feel like chasing so I will wait for the short and short into the first sign of weakness.
There has been an announcement of a Law Suit against Intra-Cellular Therapies. According to the complaint Intra-Cellular made false and/or misleading statements and/or failed to disclose: that findings related to toxicity in animals treated with lumateperone (ITI-007) where observed; that these findings posed an additional safety concern regarding lumateperone; and that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times. I will be watching this pre-market and looking to get in or a short.