 |
 |
 |
 |
 |
 |
Issue #227 
May 22, 2011 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
|
| Bears Gain Edge!
DOW Friday closing price - 12512
For the third week in a row the DOW generated a red close on Friday, adding fuel to the idea that the seasonal correction has started. Nonetheless, the start of the correction has not yet been confirmed as a weekly close below the previous 2 high closes at 12393 and 12426 needs to occur before the bears can feel confident further downside will occur. The index did get down below those 2 levels intra-week this past week but the bulls were successful in generating enough buying to keep the failure to follow through signal from being given and the correction from getting an official start.
The seasonal correction in the DOW is expected to be anywhere from 7 to 10% taking the index down to the 11500 to 12000 level, this to occur over the next 2-3 months. Nonetheless, when the correction is to start is still the big question mark as it can be anywhere from the first week of May to the first week of June. By the same token, the probability that the correction has started increased this past week as a sell signal was given on the daily closing chart, and then successfully confirmed with a close slightly above the previous low daily close on Thursday and a red close on Friday, suggesting that no further upside will be seen.
On a weekly closing basis, resistance is minor at 12810, minor to decent at 12986 and decent to strong at 13058. On a daily closing basis, resistance is minor at 12605, very minor at 12695, minor to decent at 12760 and decent at 12810. On a weekly closing basis, support is minor at 12341 and decent at 11858/11893. On a daily closing basis, support is minor at 12479, minor between 12393 and 12426, and decent at 12202. Minor support is found at 12058 and strong support at 11613.
The DOW broke below the 20-day MA, currently at 12660 on Monday and dropped down to the 50-day MA, currently at 12375 on Tuesday, only to bounce back up to retest the 20-day MA successfully on Thursday with a close at 12605, followed by a red close on Friday. The rally on Thursday was the 2nd successful retest of the 12875 seen 3 weeks ago and strongly increases the probabilities of the index now being in a correction. Tuesday's low at 12378 will be important support this week, especially since it also represents the 50-day MA. A break below 12378 will likely thrust the stock down to the 100-day MA, currently at 12190, as well as the decent daily close support that is found at 12202.
With the DOW having had 2 successful retests of the 12875 34-month high, Thursday's high at 12633 (12605 on a daily closing basis) should now be considered decent resistance and unlikely to be broken unless the bulls get some positive fundamental help this coming week (unlikely). The index did close in the middle of the week's trading range but did close with negative momentum on Friday, suggesting that further downside is likely to be seen on Monday. On the 60-minute chart, resistance will be decent at the 100 60-minute MA, currently at 12590.
Taking into consideration the red weekly close action seen during the past 3 weeks as well as the fact that on the intra-week weekly chart no support is found until the 20-week MA is reached, currently down at 12220, the probabilities suggest the DOW will have a trading range this coming week between 12590 and 12200.
NASDAQ Friday closing price - 2803
Based on the weekly closing chart, the NASDAQ gave some negative and well-defined failure signals this past week when the index not only confirmed unequivocally the failure to follow through signal given 3 weeks ago when the index closed below the previous high weekly close at 2833 that had been made just prior to the 10-year high weekly close at 2873 but with the close on Friday also gave a second failure signal closing below the previous 10-year weekly closing high seen in Oct07 at 2810. Having made new 10-year highs a few weeks ago and having no resistance of consequence above, the failure signals given show much more weakness in this index than in any of the others.
The NASDAQ has not yet given a sell signal on the weekly closing chart, as a close below 2764 would need to occur for that to happen, nonetheless, the index did give a sell signal on the daily chart, as well as confirmation of the sell signal with a retest of the break on Thursday and a red close on Friday, giving notice that a sell signal on the weekly chart could be seen in the next week or two.
On a weekly closing basis, resistance is minor to decent at 2873. On a daily closing basis, resistance is minor at 2823, minor again at 2833, and minor once more at 2863. Decent to perhaps strong resistance is now found at 2871/2873. On a weekly closing basis, support is minor at 2764 and minor to decent at 2686 and decent 2643. Below that there is now support until the low 2500's are reached. On a daily closing basis, support is minor 2784, minor to decent at 2735, and minor again at 2686. Decent support is found at 2612.
Unlike the DOW, the NASDAQ did break below the 20-week MA, currently at 2775, this past week but was able to close above the line on Friday. By the same token, unlike the DOW the index did break below the 50-day MA, currently at 2779, and got down to the 100-day MA, currently at 2759, also suggesting that there is more weakness in this index than in the others. The NASDAQ did bounce back near the 20-day MA, currently at 2833, with a rally up to 2828 on Thursday but the failure to reach the line as well as the other negatives mentioned above, suggests the index is definitely fading and will likely lead the way down, just as it led the way up.
On the daily closing chart, resistance is likely to be found at Thursday's closing high at 2823 but stronger resistance is found at 2833. It was surprising to see the index fail to reach 2833 on Thursday, suggesting the bulls have lost their mojo and a rally may not occur. The 2814 level was a daily close support level that was relatively important and now is likely to act as resistance, especially since on the 60-minute chart both the 20 and 50 60-minute MA's are currently there. If the index is able to get above that level as well as Friday's late rally high at 2821, it could generate a domino effect. Nonetheless, the way the index closed on Friday and all the failure signals given, the probabilities of a rally have diminished quite a bit.
To the downside, the NASDAQ has no support of consequence until Tuesday's low at 2759 is reached. The 50-day MA is currently at 2780 and the 100-day MA is currently at 2760 and both of those lines may offer some support. Nonetheless, it does need to be mentioned that the index did get into the breakaway gap area between 2746 and 2785 with Tuesday's drop down to 2759 but since the index failed on Friday, the bears will likely take another attempt at closing that gap, and if the 2759 level of support seen last week gets broken, drops down to the important support at 2700/2705 would likely occur. Based on the action seen, that probability has a high rating.
The key this week is definitely last week's low at 2759, which is also where the 100-day MA is currently at. If the index breaks and closes below that level selling will increase. It will also increase strongly the probabilities of the NASDAQ closing below the 20-week MA, currently at 2780, on Friday. Such a break would bring the decent support at 2680 and the stronger support at 2643 into view. Probabilities do favor the index showing a fair level of weakness this coming week. Possible trading range for the week is 2814 to 2744.
SPX Friday closing price - 1333
Like with the other indexes, the SPX generated a sell signal on the daily closing chart on Monday, closing below the previous daily low close support at 1337 and then fell down to test successfully the 50-day MA, currently at 1223, bounced up on Thursday to successfully test the 20-day MA with a close at 1343 and closed Friday in the red suggesting that all the backing in filling has been done and that the seasonal correction has begun.
It is important to note, that the SPX did close at 1343 on Thursday, which was the previous high weekly and daily close, as well as the 75% Fibonacci retracement number and on Friday surrendered to the bears while giving several multiple failure signals. On a positive note, the index has not yet given a sell signal on the weekly chart, needing a weekly close below 1319 to accomplish that.
On a weekly closing basis, resistance is minor at 1343 and decent at 1363. On a daily closing basis, resistance is minor to decent at 1343, minor at 1348, minor again at 1357 and decent at 1363. On a weekly closing basis, support is minor at 1319 and decent between 1276 and 1279. On a daily closing basis, support is minor to decent at 1328, minor at 1314, decent at 1305/1306, and decent at 1298/1300. Below that level, minor to decent support is found at 1276, and decent to strong at 1256.
Like with the other indexes, the SPX bounced between the 20 and 50 day MA's this past week as well as closed on a week note suggesting further downside is the most likely scenario. The 50-day MA is at 1324 and the 100-day MA is at 1314. A close below 1328 any day this week will be a second sell signal that would likely take the index down to the 1305/1306 level where the support is stronger.
The SPX did get down into the rare gap between 1312 and 1319 with a drop down to 1318 on Tuesday and a bounce up thereafter. That means that the 1318 level is the pivotal point this week as a break below that level would not only close the gap (bearish sign) but cause the stock to fall to the 1300 level where psychological support is important.
To the upside, Thursday's high at 1346 as well as 1343 on a daily closing basis, should now be considered decent resistance and not likely to get broken unless some fundamentally positive news comes out. Possible trading range for the week is 1337 (50 and 200 60-minute MA) and 1305.
The indexes, for the last couple of weeks, have continued to give failure signals and with economic reports coming out worse than expected more deterioration should be seen. The seasonal correction seems to have started but no clear signals have yet been given stating that to be a fact. Nonetheless, the bulls are losing strength as there seems to be no compelling reasons to buy at this time. This coming week there is only one report of consequence due out in Durable Goods, due out Wednesday morning. Durable Goods is only a "B" kind of report but it could have an impact as it is anticipated to come in negative for the first time in over a year (ex Aircraft). Such a report would signal that manufacturing activity is not only slowing down but going into negative territory, which in turn would signal a clear slowdown of the economy and growing lack of demand, suggesting that profits for the next quarter would drop.
The indexes have not yet given a sell signal on the important weekly charts, but this past week all indexes fell intra-week to those weekly close support levels where a small push to the downside, below last week's lows, would probably bring in a rash of profit taking as well as new short positions being put on. With few positive catalysts on the horizon, the probabilities that a break of weekly close support will happen this week has risen.
The market closed on the lows of the day on Friday and further downside should be seen early Monday, putting the bulls on the defensive from the start. Without any fundamental news of consequence due out until Wednesday, the bulls have their work cut out for them trying to hold the indexes from breaking last week's lows early in the week. Should they fail to accomplish that goal, it may be impossible to stop the bears from gaining control.
|
Stock Analysis/Evaluation
|
CHART Outlooks
Once again, the action seen this past week has increased the probabilities of the correction having started and stocks generally falling in price. As such, the mentions this week will once again be sales.
Nonetheless, there will only be 2 mentions this week, mainly because I did not have an opportunity to research many stocks this weekend. The 2 mentions, though, have been thoroughly researched and are certainly attractive if the indexes head lower as expected.
I will come up with other mentions throughout the week on the message board.
SALES
HAL Friday Closing Price - 47.18
HAL had been on a strong uptrend since May of last year when it got down to a low of 21.10. Nonetheless, the trend began showing volatility and a fair amount of selling when the psychological resistance at $50 neared (got up that week to 48.84), and after reaching the $50 level 9 weeks ago with a rally up to 50.83 the trend began to stall. A new 5-year high was seen 4 weeks ago at 51.45, but the stock fell far short of the 55.38 all-time high seen in Jun06 and now the stock has begun to show definite signs of weakness, having dropped back down last week to the low seen 6 weeks ago at 44.60. With a likely seasonal correction starting in the indexes, it seems likely that the stock is now in a sideways, or even perhaps corrective, trend between 42.50 and 51.45 which are the highs and the lows seen during the past 16 weeks.
Even though HAL has been in a strong uptrend for the last year, the failure to reach or even test the all-time highs at 55.38 has to be considered a sign of weakness, inasmuch as many stocks have reached and surpassed their previous all-time highs this year. In addition, the $50 level in any stock is always considered a very strong psychological resistance area and with the stock having been unable to establish itself above the $50 level for the past 8 weeks, though it has been above it on several occasions, suggests that the stock is now likely to get back to its recent lows and perhaps even break them by a small amount.
On a weekly closing basis, resistance is minor at 48.11, minor to decent at 49.34, and decent to strong at 50.48. On a daily closing basis, resistance is minor to decent at 48.39, decent at 49.84, and decent to strong at 50.96. On a weekly closing basis, support is minor at 46.00, very minor at 44.64, and decent at 44.19. Below that level there is no support until minor support at 38.64. On a daily closing basis, support is decent at 45.33, minor at 43.94, and minor to decent at 42.95. Below that level there is no support until the 200-day MA is reached, currently at 39.75.
It is very evident that the $50 level will be difficult to overcome at this time, especially since the seasonal correction period seems to have started. Having rallied 150% over a period of 10 months without a correction of consequence, suggests that the stock is overdue for one and that the probabilities seem to favor it happening at this time and at this price. Volatility has increased over the past 16 weeks and a sell signal has been given on both the daily and weekly closing charts, suggesting that further downside can to be expected.
HAL successfully tested the 100-day MA this past week with a drop and close at 45.33 on Tuesday and 3 green closes in a row thereafter. In addition, the 45.33 close generated a strong double bottom support using the February 14th close at 45.34. With 2 strong chart reasons to rally the stock should have been able to rally at least to the 48.84 level where some decent resistance is found. Nonetheless, the stock was only able to rally up to the 50-day MA, currently at 47.40 in spite of the strong rally seen in the indexes on Thursday. This lackluster rally suggests that the buying interest in the stock is waning and that if the indexes start heading lower that the stock could be one of the leaders on the way down.
Resistance on both the daily and weekly chart is decent at 48.84 but on the daily chart there is one additional previous high resistance at 48.74, giving that area added strength. In addition, the 50-day MA at 47.40 could stop any further rallies. On the other side of the coin, the stock did close near the highs of the week and breaking above last week's high at 47.67 seems like a high probability. Support is decent at the double bottom at 45.34/45.33 but a break of that support would also mean a break of the 100-day MA, causing the 200-day MA, currently at 39.75 to come into view. Minor support is found at 43.36 and decent support is found at 42.52. Below 42.52 there is no support until the $40 level is reached.
The probabilities favor HAL rallying a bit this week with last week's high at 47.67 being broken. Nonetheless, if the bulls are unable to break the stronger resistance up at 48.74/48.84, selling will reappear and supports will likely start breaking. The weekly chart suggests that the stock will continue to trade sideways with 48.74 as the upper parameter and 42.50 as the lower parameter. On the other side of the coin, if the indexes do get into a 4-8 week correction period with a drop of about 10% in price, the possibilities will increase that the stock will break down to psychological support at $40 as well as to the 200-day MA, currently at 39.70.
Sales of HAL between 47.70 and 48.34 and using a stop loss at 48.94 and an objective of 42.50, will offer a 5-1 risk/reward ratio.
My rating on the trade is a 3.5 (on a scale of 1-5 with 5 being the highest).
TRLG Friday closing price - 28.25
TRLG has built a long-term bearish Head & Shoulders formation over the past 30 months with the left shoulder being the rally up to 31.82 in Sep08, the head is the all-time high at 34.71 in Apr10, and the right shoulder being the rally up to 31.92 seen in Apr11. In every case, the highs were made in a spike type fashion with subsequent drops of $10+ dollars being seen each time. It is also interesting and important to note that the head was made on April 25th of last year and the right shoulder was made on the exact date this year, likely having something to do with the seasonal tendency of the market to fall during the May to October period.
TRLG has built a clearly defined 4-point trend line over the past 2 years using the Mar09 lows at 7.80 and lastly the 19.70 low seen the last week of Jan11. If this latest rally up to 31.92 fails to generate a new all-time high (likely will fail), the trend line now at 21.50 will likely be tested again, and possibly broken because of the bearish H&S formation.
On a weekly closing basis, resistance is decent at 30.22 and at 31.08 and strong at 33.11. On a daily closing basis, resistance is minor to decent at 29.19, decent at 29.42 and decent to strong at 30.22. On a weekly closing basis, supports are all minor at 27.59, 25.95, and 25.40. Below that, there is minor to decent support at 21.92. On a daily closing basis, support is decent between 27.59 and 27.69 and then nothing until support is found at 25.95. Below that, there is no support of any consequence until 21.86 is reached.
The latest rally up to 31.92 seems to have run into a brick wall as the rally was accomplished over a period of only 6 weeks but in the 4 weeks since the high was reached TRLG has dropped almost 40% of the rally amount suggesting that the rally did not have strong backing. It should be noted that there have been 2 successful retests of the high on the daily chart and the last one is particularly significant as it came from a double low at 27.55/27.47 that should have generated enough buying to have broken above the previous retest, which in and of itself was half-hearted at best. This kind of action suggests innate weakness exists in the buying and with the H&S formation that is present, should cause the stock to fall some more.
Below the recent double low at 27.55/27.47 there really isn't much support underneath until the 4-point trend line, currently at 21.50 is reached. A drop back down to that level would negate the entire $10 move up as well as put the stock in a position to break the neckline of the H&S formation, which would generate a downside objective of a drop back down to the Mch09 lows at $8. The probabilities of that happening are minute, but this is a company that caters to young affluent teens and therefore is subject to fad changes of consequence.
The stop loss placement will be put just above the recent retests of the high, giving the trade a good risk/reward ratio but a lower probability rating. Nonetheless, the chart does look decently bearish, making the trade attractive at this time.
Sales of TRLG between Friday's close at 28.27 and up to 28.82 and using a stop loss at 29.80 and having an objective of 21.50 will offer a 4-1 risk/reward ratio.
My rating on the trade is a 3.5 (on a scale of 1-5 with 5 being the highest).
|
Updates
|
| Updates on Held Stocks |
Closed Trades, Open Positions and Stop Loss Changes |
| DCTH generated a new 9-month weekly closing low and getting down to the strong weekly close support area between 5.65 and 5.81 that has been in effect since 2006. The stock generated another red weekly close, the 5th in a row, but did show some buying interest as the stock closed in the middle of the week's trading range, unlike the past 4 weeks where closes were generally near the lows of the week. The support at this level is strong and on a weekly closing basis it is possible, and maybe even probable, that enough buying will be seen this coming week to generate a green close next Friday. Intra-week the stock could go as low as 5.58 or even down to 5.38, but buying at this level should continue to be seen. Nothing new on the fundamental front but the traders have factored into the price the possibility of another stock offering to raise capital. Nonetheless, the company does not need to raise capital at this particular moment and it doesn't make a lot of sense to try to raise capital at this price. As such, some short-covering could start to be seen. Any rally above last week's high at 6.31 would be a sign that a bottom to this recent downtrend has been found. FCEL has been mostly treading water for the last 2 weeks but the stock might have generated a couple of small positive signs this past week. First of all, the stock continues to trade above the 50-week MA, currently at 1.54 keeping the stock in a long term positive mode. Secondly, the stock did have a down day on Friday but if the stock can get above Thursday's high at 1.67, Friday's low will turn out to be a successful retest of the 200-day MA, currently at 1.56. The 1.55 to 1.56 level has been pivotal during the past 4 weeks and staying above that level has to be considered a positive. By the same token, the volume and trading interest in the stock is very low at this time as the traders seems to be awaiting news before doing anything of consequence. SVNT had a negative week making yet another 23-month weekly closing low and breaking below the psychological support at 8.00. On a weekly closing basis, there is no support until 7.63 is reached and the probabilities of the stock getting that low have now increased. The support at 7.63 is not a strong support as it is from a previous high, nonetheless, it was a level of importance previously as a break above that level generated a rally all the way up to the $16 level. As such, there is a decent possibility the level will hold, at least on a weekly closing basis. Selling pressure will remain until the stock can get above a previous week's high. Last week's high was 8.50. Probabilities favor further downside this week. ELON saw some follow through to the downside after the stock was unable to generate any follow through to the previous week's 1-year high. Nonetheless, the 100-week MA, currently at 9.50, was successful in stopping the selling last week. The stock did close near the lows of the week and further downside is likely to be seen, with closure of the gap down at 9.14 as a possible objective. By the same token, buying was seen at 9.50 causing the stock to close in the middle of Friday's trading range and if Friday's high at 9.76 is broken, the selling pressure will diminish. On a weekly closing basis, the 100-week MA is important as the stock continues to show an overall bullish trend upward. As such, intra-week breaks could occur but the stock should not generate any further red weekly closes. The 50 and 100 day MA's are both at 9.36 and the 200-day MA is at 9.04. Based on the fact the stock closed near the lows of the week, a drop down to 9.36 seems likely to be seen. If the gap down at 9.14 is not closed this coming week, it would be considered a bullish sign. ABB had an inside week that answered no questions. Nonetheless, the stock did generate a green weekly close and just on that alone further upside is likely to be seen this coming week. The stock did close near the highs of the week and last week's high at 26.56 should be broken, putting the stock in either a retest-of-the-high's mode or a resumption-of-the-uptrend mode. Either way, if the 26.56 level gets taken out, whatever happens thereafter is likely to be indicative. Probabilities favor new 34-month highs being made but if the stock fails and closes in the red next Friday, a correction will follow. JPM continued to falter making a new 4-month intra-week and weekly closing low. No support is found underneath until the 50 and 100 week MA's, currently both at 41.60, are reached. The support there is only on a weekly closing basis and it is at best minor to decent. Actual previous support is not found until the 40.00-40.50 level is reached. On the daily chart the stock did bounce up during the week to a high of 44.35 but the rally failed to generate a beachhead above the previous daily low close at 43.85 and therefore it can be said the previous low, from which a sell signal was generated, has now been tested successfully and further downside is now highly likely to be seen. A rally above 44.35 would take some wind out of the sails of the bears. UTX generated the third red weekly close in a row and having closed near the lows of the week further downside is likely to be seen, with the previous high weekly closes at 85.20/85.33, from which the recent rally occurred, as the immediate downside objective. The stock now shows 3 successful retests on the daily chart of the all-time high at 90.67 and a break below Wednesday's low at 86.65 will likely take the stock down to the 50-day MA, currently at 85.50. The stock still shows an open gap between 82.47 and 84.00 that will likely become a magnet if the stock can get below the psychological support at 85.00. Probabilities strongly favor weakness this coming week. A rally above 88.66 would take some of the bearishness out of the chart, at least on a very short-term basis. VZ broke below the 50-day MA on Monday, currently at 37.30, and spent the entire week trying to close above that line unsuccessfully. By the same token, the stock traded within a very narrow 60 point range between 36.80 and 37.40 the entire week and gave no new signs that the downtrend would continue. Nonetheless, the stock remains in a short-term downtrend and having failed to rally, the probabilities favor the downside this coming week. Support is decent at the low made 3 weeks ago at 36.50. A break of that support would likely thrust the stock down to close the gap area between 35.85 and 36.37 and ultimately get down to the 200-day MA, currently at 34.40. Any rally above 37.41 would take some of the bearishness away. Probabilities favor the downside. ACOR received European approval for its drug and generated a strong gap opening and rally. The stock closed on Friday above a previous high weekly close at 29.15 and shows no weekly close resistance until 34.68. By the same token, the stock failed to close above a decent daily close resistance at 30.93 on Friday even though the stock traded as high as 32.20, suggesting that the breakout on Friday may not have as strong a bullish tone as it looked. On a daily closing basis, though, the 28.87 to 29.15 level is now considered decent to strong support and though drops back down to that level are likely to be seen, the probabilities of further downside from that level are low. On an intra-week basis, drops down to 28.53 to 28.97 are likely to be seen this coming week. If the stock breaks those levels, perhaps the gains will be negated. At this moment though, short positions should be covered on any drop below $29. A rally above Friday's high at 32.20 will likely cause the stock to move up to 35.00. AMZN generated the first weekly red close since making new all-time highs on the weekly closing chart 4 weeks ago, suggesting that the stock is likely to see a small correction from these levels. Drops down to the previous all-time high weekly close at 189.25 are likely to be seen this coming week. The stock did give a small sell signal on the daily chart when it closed below a previous daily low close at 197.11 on Monday. The stock did close back up above that level on Thursday and though a red close was seen on Friday, it was still above the 197.11, suggesting that a small intra-week rally could still occur this week. The stock does show a possible bearish breakaway gap between 202.36 and 200.90 that the bulls tested and attempted to close with Thursday's rally up to 199.95. Nonetheless, the red close on Friday suggests that if the indexes are heading lower, so will the stock. Support is found at 192.27 as well as at the recent low at 191.37. A break of the recent low could take the stock down intra-week to the 50-day MA, currently at 184.10. Nonetheless, on a daily closing basis, the 191.25/190.40 level should not be broken unless a top to this rally has been found. If the stock closes below 190.40 2 days in a row, the downside objective could become a drop down to the 50-week MA, currently at 161.40. Probabilities slightly favor the short-side, at least for a drop back down to the $189 level . If Thursday's high at 199.95 is broken, rallies up to 203.42 would likely occur.
|
1) ELON - Purchased at 9.41. Averaged long at 9.19 (4 mentions). No stop loss at present. Stock closed on Friday at 9.61.
2) DCTH - Long at 5.68. No stop loss at present. Stock closed on Friday at 5.87.
3) FCEL - Averaged long at 1.7625 (4 mentions). No stop loss at present. Stock closed on Friday at 1.59.
4) STP - Averaged long at 9.345 (2 mentions). No stop loss at present. Stock closed on Friday at 7.70.
5) ABB - Purchased at 25.31 Stop loss now at 25.61. Stock closed on Friday at 26.32.
6) UTX - Shorted at 90.46. Stop loss at 90.77. Stock closed on Friday at 87.50.
7) MCD - Covered shorts at 81.04. Short from 76.35. Loss on the trade of $469 plus commissions.
8) VZ - Shorted at 37.41. Stop loss at 38.52. Stock closed on Friday at 37.15.
9) SVNT - Liquidated longs at 8.15. Long from 9.50. Loss on the trade of $135 per 100 shares plus commissions.
10) HANS - Shorted at 68.10. Covered shorts at 68.73. Loss on the trade of $63 per 100 shares plus commissions.
11) AMZN - Shorted at 196.06. Covered at 197.94. Loss on the trade of $188 per 100 shares plus commissions.
12) ACOR - Shorted at 25.89. No stop loss at present. Stock closed on Friday at 30.38.
13) JPM - Shorted at 43.29. Averaged short at 44.49. Stop loss now at 44.45. Stock closed on Friday at 43.13.
Previous Newsletters
|
Encyclopedia of Chart Patterns. A must have for chart aficionados! |
The opinions and commentaries by Mr. De Vito are not a recommendation to buy or sell, but rather
a charting guideline, based on his own knowledge and experience, regarding the stocks he is following or
that are brought to him by others. Mr. De Vito does not presently offer a track record of his trading experiences.
No inference of success and/or failure should be assumed. The
information enclosed above, regarding his background, length of trading, and experience, is correct
but is not meant to suggest, state, or infer any future success in trading, based on his opinions. The information herewith included should only be used by investors who are aware of the risk inherent in securities trading. Mr. De Vito accepts no liability whatsoever for any loss arising from any use of the information and/or comments he supplies. |
|
|
|