Ugly day on Wall Street today as markets sold off, especially going into the close. Starting yesterday, 5 wave downward pattern on the NDX now trading at the bottom of the channel. The index dropping around 3% in two days. The SPX is not much better selling off sharply into the close. SPX needs to hold 2416 or it could trade much lower.
GNTX: Stock is in a solid down trending channel and recently broke below a long term up trending channel. It has been forming a bear flag in here. A trade below $18.00 and I think this stock is going to $16.00. Short ratio, 8.5 days to cover.
PCMI: Stock broke below the bear wedge it was forming and traded down to $17.10. It has popped from there but is at resistance from the declining tops line. I would look to go short around $19.00 or below $18.50. Price target - $12.00. Short ratio, 4.9 days to cover.
STX: Stock broke below its consolidation pattern trading as low as $39.51 and closing at the low. If the downward momentum continues then $38.00 and then $36.00 are the price targets. Short ratio 8.7 days to cover.
SYMC: Stock is trading right down on support It is in a steep declining channel. If it should break below $@8.00 then $26.00 and $23.00 are price targets.
VRX: Stock is up sharply the last 4 days from $13.00 to $17.50. I would look to short this stock in the mid $!7.00 range. But over $17.50 and I will not fight the trend and will look to go long.
YELP: Stock is stepping its way down and looks ready to drop again. It has been forming a bear flag and is approaching resistance and the declining tops line. I would look to short below $29.00 with $24.00 as the price target.
AVEO: With everyone wanting to short this stock and the trend up, I think this stock has room to move. I would be looking to buy dips with a break into new recent highs for additional squeeze.
CBI: Big move today and kept squeezing early shorts higher and higher. I would look to buy dips on the trend line or going long over $20.20ish. Price targets are $21.00 and $28.00.
Dee - Generally, no.
@turbobob congrats on the 200k, but what was your edge on LABD? Tim never trades ETFs.
200K... awesome. congratulations and thank you for your transparency..... i'm watching and learning. thanks again!
Thanks Bob!
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