Hey guys hope all is good and hope you taking advantage of the reads I am providing everyday. Now when I say providing, I am not ever telling someone specifically to follow my trading plan because it is impossible, but to take the general idea and if it relates to their own just give a push in the right direction so the execution wont be absent. yesterday was very nice reads and pretty easy to see. Former runner CBIO low float stock with some news not many potential plays but two. I entered on the start of the third 5min cause the first two ones left wicks and volume was picking up on the third. Very easy play it geld that base from PM and had a full dollar run. I capitalized on it of course not the full meat of the move but a nice chunk and I am very happy - very nice and easy profitable play. AMD still in 700 at 11.06, sold some at like 11.44 when it had that big red candle after the spike just to realize some profits. At no point for now was I down in this trade yesterday, I am still long and might long to re-add some if 11.20s hold as a base. It needs to have that big green day after these couple consolidation days, with big wicks to the down side. I am thinking today or tomorrow we see a big candle and IMO 60-70% it will be a green one. Another GREAT read yesterday was ETRM with failed spike and it just did that faked out. Got in with a starter re-added some into the failed spike after about 20 min i think very easy small trade but nice little profits on it. JILL in with a starter still 300 just under 12.5 so decent avg, seems to be holding up at that 12.4 like a base so can be a nice trade still. In general a nice day full of nice plays and reads.
AMD- Is in my WL last couple days because I am in a position and I have to monitor it. 11.20 seems to be the longer term base where if it doesn't hold and starts washing and staying under I might exit for a small loss. But I def think this can go today or tomorrow. It has been grinding up slowly last week and now is staying over all three moving averages so it is signaling for a bigger leg up. Hopefully it happens today. Ideal is small wash to 11.15-11.20s and a push to test the 11.5$ again. Thats the PT for today. Would love to see a close above that mark.
CIEN- Topped expectations in everything on their ER, so will most likely will see a nice day for them. Its gaping up near yearly highs and the short float is over 11%, my guess is they might start covering now. I mean if they dont do that now when will they. 25.30 looks like a linger term crucial level so thats where I would love to enter if I get the chance. 25.5 some sort of PM base for now. So would love to see a small wash and than a spike above 26 for some sort of small breakout toward the 27 which is yearly highs. If it gets crazy maybe can even test that level. PT 26.5$
MNKD- Very bad long term chart and in general bad stats, has had a decent run since the start of may. Now today a PR about a distribution agreement for Brasil but I am skeptical big time. The only thing that is keeping me from being absolute short biased here is the fact that the float is not to big and a third of it is short. So it can squeeze big. When I take a look at the daily usually after these smaller gaps it continued to that side on the day. So I am looking for two plays a big squeeze in open and scalp that or a stuff into resistance at around 1.90$. Wash to 1.70 and go or stuff into 1.90 and fade. Those are my ideas on this one.
SPI- Having a ton of news and crazy couple days. Today I am thinking this goes crazy if it can hold certain two levels. 1.90 and 1.75 are levels where I would buy this of. If it gets going out of gate than watch for places where to jump in full size. Its starting to look like a 5day ABCD move if it breaks that high from the 25th it can really go. The 2$ level also decent support now that its over it so could be a really nice long for today. It will def have range so just find a nice place for entry to profit from it.
- Jobless Claims 8:30 AM ET
- PMI Manufacturing Index 9:45 AM ET
- Bloomberg Consumer Comfort Index 9:45 AM ET
- ISM Mfg Index 10:00 AM ET
- Construction Spending 10:00 AM ET
- EIA Natural Gas Report 10:30 AM ET
- EIA Petroleum Status Report 11:00 AM ET
- 3-Month Bill Announcement 11:00 AM ET
- 6-Month Bill Announcement 11:00 AM ET
- Gallup Good Jobs Rate 2:00 PM ET
- Fed Balance Sheet 4:30 PM ET
- Money Supply 4:30 PM ET
/CL as I said toppy and unstable. Still giving up the overnight gains once again and with inventories today we await to see where it will end up. For now 48 looking like a base but if it cracks that and stays its not going to look nice. If any bounce is going to happen it will happen of the 48 or 46 so those two levels. On the hourly 48 seems like a bottom but still its making lower highs and not looking to hyped to go up. The forecast for this week is -2.517M so we have to wait and see. I am thinking the number comes up less than expected so I mean a smaller decline or around -1mill and oil tanks but thats just a rough estimate. Today like usual crude is a big avoid until it stabilizes after 10:30. It has yet to determine will this just be a pullback or a trend reversal. On the daily it has made a lower high and a lower low so its signaling to further downside long term but with OPEC you never know. In general bearish but avoid.
Good luck guys and trade safe. Most likely no trading tomorrow cause I am going away for a longer weekend but will most likely write a small list for you.
Thanks and good luck, trade safe guys.