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Issue #333 
July 7, 2013 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Economy Slowly Improving, Resumption of Uptrend Possible.
DOW Friday closing price - 15135
The DOW generated the second positive week in a row with a close on the highs of the week as well as above the 50-day MA, currently at 15075, which in turn does suggest that the seasonal correction is now over. The third quarter earnings reports start this week and the standard is for the index to be supported during the first 3-4 weeks of each quarter unless the earnings reports are disappointing, which they have not been for several years.
The DOW did give a mini short-term buy signal on the daily chart on Friday when it closed above the previous high daily close at 15024, likely meaning that for this coming week the bias will be sideways to up. Nonetheless, the index still remains in a short-term downtrend that will not be broken until the index closes above 15248 or gets above 15318 on an intra-week basis.
On a weekly closing basis, there is minor resistance at 15248 and decent resistance at 13354. On a daily closing basis, there is very minor resistance at 15176, minor to decent at 15248/15254, decent at 15318, and strong between 15383 and 15409. On a weekly closing basis, support is minor to perhaps decent at 14799 and minor again at 14547. On a daily closing basis, support is minor to perhaps decent at the 15000 demilitarized zone (14970-15030, minor at 14909, and decent at 14659.
The DOW broke the top of a bullish flag formation on Friday when it got above and closed above the 15083 level. The flag had been built over the past 2 weeks when the stock rallied from 14551 to 15083 (flagpole) and then traded sideways for 5 days between 15083 and 14858. The objective of the flag is 15390, which if reached would give a second buy signal and break of downtrend on the daily chart as the most recent high at 15340 will have been broken. In addition, if the index closes next Friday above 15248, a new buy signal will be give on the weekly chart as well.
To the upside, the DOW shows intra-week resistance at 15300/15304 and then stronger at 15340. On a daily closing basis, resistance is minor to decent at 15248 and decent as well as indicative at 15318. To the downside, the index shows minor intra-week support at 14953 and stronger between 14844 and 14858.
Due to the bullish flag formation, this coming week is going to be relatively important as fulfillment of the flag (reaching objective) should be done in a period of no more than 5 days. Failure to fulfill the objective will be disappointing to the bulls and will likely cause the index to drop back down at least to the 15000 level one more time. In fact, any drop this week down to the 15000 demilitarized zone will mean the flag formation is negated. The fundamentals do not favor the flag being fulfilled as the important earnings reports do not start coming out until the following week and it is unlikely that a buy signal of consequence will be given until those reports come out, and come out better than expected. Simply stated, if the bulls are able to fulfill the flag objectives this week it would be a very positive statement.
The DOW did close on the highs of the week on Friday and no resistance of consequence is found until 15300 is reached. Some minor resistance is found at 15200 on the 60-minute chart but the probabilities do not favor that resistance holding up, meaning that Monday should be mostly up. The 200 60-minute MA is currently at 15095 and it is unlikely that level will be broken on Monday, also meaning that it is unlikely that the index will be down more than 40 points at any time during the day.
With no earnings reports of any consequence due out until Friday (when WFC and JPM report earnings) and no DOW earnings due out at all this week, the attention will be focused on the charts with 15083/15095 level to the downside and on the 15300/15340 level to the upside. Any break above or below those levels will likely be indicative of further movement in that direction. Probabilities favor a 15095-15300 trading range.
NASDAQ Friday closing price - 3479
The NASDAQ has been the strongest index the past 2 weeks having moved up 3% in value while the other 2 indexes moved up 2.3% (DOW) and 2.6% (SPX). In addition, 2 of its strongest stocks (PCLN and AMZN) made new all-time weekly closing highs and 3 of the other strong stocks (GOOG, NFLX, and AAPL) had significant moves to the upside. The other indexes did not have such indicative action in their own main stocks, likely meaning that the traders are doing more speculative buying than general buying.
The NASDAQ closed only 19 points away from its high weekly close in the past 13-years, seen 7 weeks ago at 3498 (3531 intra-week), and with the index having closed on the highs of the week and having rallied 64 points last week and 184 points in the last 2 weeks, the probabilities strongly favor new 13-year highs being made this coming week. New highs would likely stimulate resumption of the uptrend if no negative fundamental news comes out.
On a weekly closing basis, there is decent resistance at 3498. Above that level, there is decent resistance again at 3860. On a daily closing basis, there is minor to decent resistance at 3482, minor at 3491 and decent at 3502. On a weekly closing basis, support is minor to decent at 3357 and decent at 3202/3206. On a daily closing basis, support is minor at 3423 and decent at 3400. Strong support is found at 3320.
The NASDAQ erased 90% of the negative action seen the past 6 weeks and put itself in a position that with "just a bit" more upside the uptrend will resume. With no important economic reports due out this coming week and the momentum shifting strongly back to the bulls, the probabilities are high that the bulls will be successful in breaking the chart resistance levels above. It should also be mentioned that the index broke above the 50-day MA on Tuesday, currently at 3420, and then successfully retested the breakout on Wednesday, followed by strong buying and a close on the highs of the day/week on Friday, giving the bulls added ammunition to resume the uptrend.
On the other side of the coin, the NASDAQ is facing quite a bit of intra-week congestion resistance between 3484 and 3531 as 6 different intra-week highs of importance in that area have been seen over the past 6 weeks (3482, 3484, 3488, 3503, 3514, and 3531). Nonetheless, with the index closing at 3479 on Friday and having rallied 64 points last week from low to high, generating an additional 52 points this week in order to break all the intra-week resistance levels is not only viable but almost likely.
To the downside, the NASDAQ should show support at the highs seen on Tuesday, Wednesday, and Thursday at 3454/3455 as well as at a previous minor intra-week low at 3450. Further support should be found at Friday's low at 3441 which if broken would take away a lot of the momentum gained on Friday. Important support is found between 3378 and 3382 that if broken would likely cause the stock to close an open gap between 3358 and 3365. Closure of the gap would put the index at risk of breaking the important low seen the previous week at 3294, and deflating the bull balloon. The probabilities do not favor this scenario happening this coming week.
The NASDAQ is likely to be the most important index this coming week because of the strong momentum to the upside achieved the last 2 weeks as well as because of the multiple resistance levels close-by above that could easily be broken this coming week if the momentum continues. By the same token, if the bears are able to get the index below the 50-day MA, currently at 3420, the reaction would likely be strongly negative.
From a purely chart perspective, the NASDAQ could rally an additional 450-500 points to the upside if new 13-year highs are made.
SPX Friday closing price - 1631
The SPX was able to convincingly negate the 5-day breakdown below the 1608 daily close level (1600 intra-week) seen on June 20th with 4 daily closes in a row this past week above that area. In addition, the index closed above the 50-day MA on Friday, currently at 1626, and if able to generate another green close on Monday, it will likely be seen as a confirmed end to the seasonal correction. The index closed on the highs of the day/week and further upside is expected to be seen this coming week.
The SPX is still in a short-term downtrend but having closed above 1608 repeatedly this past week it does suggest that at least for this coming week the index will be trading sideways with an upward bias.
On a weekly closing basis, resistance is minor at 1643 and minor to decent at 1667. On a daily closing basis, minor resistance is found at 1643, minor to decent at 1651, minor again at 1660, and decent to strong at 1669. On a weekly closing basis, support is minor to decent at 1592, minor do perhaps decent at 1558/1561, decent between 1553 and 1555. On a daily closing basis, support is minor to perhaps decent between 1608 and 1612 and decent at 1573.
To the upside, the SPX shows decent daily close resistance starting at 1636 and up to 1651 (1648 to 1654 on an intra-week basis) that will likely be in play this coming week. By the same token, a close above 1651 would break the recent short-term downtrend and likely cause the index to test the all-time high at 1687 (1669 on a daily closing basis). A close above 1651 would increase the probabilities of the uptrend resuming and new all-time highs being made. A break above 1687 with a close above 1669 would be a signal that the uptrend has resumed.
To the downside, the 1600 level (1608 on a daily closing basis) should now be indicative support. A close below that level would negate the positives seen these past 2 weeks. If the uptrend has resumed though, the 50-day MA, currently at 1626, should not be broken on a daily closing basis.
The SPX will be closely watched the next 2 weeks as it is the index that will be the first to receive important earnings reports. On Friday, WFC and JPM report earnings and on the first 3 days of the following week, C, BAC, and GS report as well, suggesting that the index could give the first clue on how the earnings quarter will pan out.
The chart of the SPX does suggest that nothing of consequence will occur this coming week. The index is likely to trade between 1623 and 1648 for the next 5 days and leave questions unanswered until the week after when not only the rest of the important earnings for the index come out, but also some of the important earnings for the overall market.
A break this week below 1604 would weaken the chart while a break below 1600 would put some negatives back into play. A rally above 1654 would be a strong positive.
Mostly because of the better than expected Jobs report on Friday, the bulls were able to turn the indexes around enough this past week to suggest that the seasonal correction is now over. The attention will now turn to the earnings quarter which gets started on Monday afternoon when AA reports after the close of the market. Nonetheless, the week is not likely to be keyed on earnings reports as AA is no longer considered a "weather vane" for the earnings quarter and the strong reports are not scheduled to start coming out until the week after. The probabilities do favor an upward bias for the week as the Jobs report does suggest the economy continues to improve, but then again the good Jobs report still has the potential negative that the Fed will reduce Stimulus, meaning that resumption of the uptrend is not likely to occur before the bulk of earnings reports come out.
The indexes all closed on the high of the day/week on Friday and it is likely the traders will come in on Monday with the objective of breaking resistance levels to keep the momentum going and stimulate new chart buying. In addition, all indexes built potentially short-term bullish chart patterns last week that need to be acted upon immediately or they will lose strength. Simply stated, what the indexes do on Monday could determine what they do the rest of the week, though under most scenarios the bias will be to the upside. The only question is "how much?'.
There are no economic reports of consequence scheduled that could be considered catalytic, meaning that the trading is likely to be mostly technical in nature this coming week.
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Stock Analysis/Evaluation
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CHART Outlooks
All mentions this week will be purchases. The action this past week in the indexes was positive and further upside is likely to be seen this coming week, which in turn should help stocks go up generally. Nonetheless, I did have to look at over 100 charts to find these 3 mentions as most of the stocks that I looked at offer further upside but not good risk/reward or high probability numbers. These 3 mentions do offer all of those.
PURCHASES
AAPL Friday Closing Price - 417.42
AAPL generated a successful retest of the 200-week MA as well as of the 9-month low at 385.10 when the stock went above the previous week's high and closed in the green on Friday. Though no buy signal has yet been given in any of the charts, the stock has dropped 46% in value during this past year and is considered oversold and undervalued.
AAPL closed near the highs of the week and further upside is expected to be seen throughout the week. Nonetheless, the stock did generate a negative reversal day on Friday having made a new 11-day high and a close below the previous day's low and near the lows of the day and the first course of action this coming week should be to the downside. The stock did leave an open gap on Tuesday between 400.27 and 401.22 and the gap is likely to work as a magnet because the stock is still in a downtrend and gaps without fundamentals news to cause them are generally closed. Nonetheless, it is unlikely the gap will be closed this coming week as closure of the gap would mean a lower low than last week and that is not what the chart action suggests will happen this coming week. It is likely though, that the gap will be tested and if the retest is successful that it could become a breakaway gap, to be followed at some point with another gap, which would then be a runaway gap.
To the upside, AAPL shows minor resistance at Thursday's high at 423.29, and then nothing until 435.70 which is an area that includes the 50 and 100 day MA's. Above that level, there is no resistance until decent resistance is found at 457.10 that if broken would give a buy signal in the weekly chart and an ultimate objective of the $500 demilitarized zone, which is where the 200-day MA is currently at. Additional resistance will be found at 465.75, at 469.95 and at 484.94. If the stock has found a bottom to the downtrend (now looking possible if not probable), the $500 level is natural objective, both chart-wise and psychologically.
To the downside, the stock shows no support until the top of the gap area at 401.22 is reached. Nonetheless, gap support to the upside in a down-trending stock can only be considered minor at best. Further minor support is found again at 398.05 which has a decent chance of being seen but holding up if the gap is closed. Further and decent support is found at 388.87.
AAPL is still a top-notch company that has an excess of capital to spend and no financial problems associated with it. With the stock having dropped almost 50% in value and the market now seemingly ready to resume the uptrend, the stock should become one of the favorites of the traders should all the factors mentioned above occur. By the same token, the biggest question mark for the next 2 weeks will be where exactly to purchase the stock as closure of the gap would be considered a mild negative if it happens this week. Drops down to the 50 60-minute MA, currently at 406.60-407.00, are likely to be seen but from there it is still a bit of a mystery. In fact, drops down to the 392.50 level could be seen under certain scenarios.
Purchases of AAPL between 392.80 and 407.10 and using a stop loss at 388.69 and having a $500 objective will offer a 5-1 risk/reward ratio.
My rating on the trade is a 3.75 (on a scale of 1-5 with 5 being the highest).
QCOM Friday Closing Price - 60.95
QCOM has been able to hold itself up above the $60 level for the past 8 months in spite of the recent seasonal correction seen in the indexes as well as the double top at 65.50/65.87 on both the daily and weekly chart that was generated in March of this year, suggesting a lot of interest in the stock heading higher once the selling pressure in the market is relieved.
QCOM got down to 59.46 the previous week but ended up generating a positive reversal having made a new 7-month low and then going above the previous week's high as well as closing in the green. The stock did not follow through on the positive reversal last week but did not negate it either, having ended up with an inside week as well as a close in the upper half of the week's trading range.
The 59.46 low seen last week in QCOM matches up with the 59.44 low seen in December, causing that support level to strengthen significantly because of the now-confirmed double low at that price. In addition, the low seen on Friday at 60.27 also represents a decent intra-week support as that area has shown buying interest 4 times in the last 10 months (including Friday) and from which rallies up to the $65 level occurred on 2 of the 4 occasions.
The daily chart of QCOM shows that the stock has been in a clearly defined trading range between 60.00 and 65.00 for the last 10 months and that the probabilities do favor that trading range continuing for now. With Friday's low at 60.27 and a close on the highs of the day, as well as a close near the highs of the week, the probabilities strongly favor further upside this week at least above last week's high at 61.63. A break above that high this coming week will open the door again for another retest of the 50-week MA, currently at 63.00, that has been seen twice in the last 3 weeks. A third retest of that line will increase the probabilities of the line breaking and a minimum rally to 65.45 occurring.
To the downside, QCOM shows minor to decent support between 60.22 and 60.28 and decent to strong support at 59.44/59.46.
QCOM is not likely to get back down to the $60 demilitarized zone but based on the 60-minute chart it could see a small dip down to 60.65 which will likely be bought aggressively by the traders. It should be mentioned that even though the objective of this trade is the $65 level, the stock has done enough support building work over the past 10 months that if the indexes resume their uptrend that it is likely the stock will do the same. In fact the probabilities are high that the upside will be the long-term end result of the chart action as no sell signals have yet been given on the weekly chart since the stock first started this long-term uptrend in June 2010.
Purchases of QCOM between 60.65 and Friday's closing price of 60.95 and using a stop loss at 59.36 and having an objective of 65.45 will offer a 3.5-1 risk/reward ratio.
My rating on the trade is a 4 (on a scale of 1-5 with 5 being the highest).
HP Friday Closing Price - 25.58
HP made a new 17-month daily and weekly closing high on Friday and closed on the highs of the day/week, suggesting further upside is likely to be seen this coming week. In addition, the stock broke out of a bullish flag formation that offers an immediate 29.60 upside objective and a longer term objective of 33.00, which is where the 200-week MA is currently at.
HP has been in an uptrend since November of last year from a low of 11.35 and the uptrend has been steady, steep and consistent. The stock has had 3 periods of consolidation/correction (including the one it just broke out from) and on each of the last 2, the stock rallied anywhere from $6-$8 from the low made, all within 3-5 weeks. The pattern shows no reason at this time that it won't be repeated.
To the upside, HP shows no resistance whatsoever until the 28.55-28.65 area is reached. The resistance there is considered decent. Further resistance is found at 30.00 which is a 11-month high as well as a decent psychological resistance. Nonetheless, the resistance at 30.00 is only from 1 previous high and therefore breakable if the stock gathers momentum. With the 200-week MA being at 33.00 presently, if the stock gets up to the $30 level, the line could act as a magnet and bring about a rally up to that price.
To the downside, HP shows minor support at 23.71, and minor to decent support at the previous week's low at 23.19. Nonetheless, having broken the top of a bullish flag formation it is unlikely that either of those 2 support levels will be seen as a drop and close below the top of the flag on the daily chart at 25.44 and a drop and close below the top of the flag on the weekly chart at 24.81, would be considered a failure. As such, it is unlikely that the stock will close below the $25 demilitarized zone (24.70-25.30) at any time now.
Using the intra-day charts (10 and 60 minute), HP shows support starting at 25.50 and all the way down to the 200 60-minute MA, currently at 24.70. It is highly unlikely that all of those supports will be broken, so that means that a stop loss can be placed at 24.60 that is viable and that will give a good risk/reward ratio as well as a decent probability rating.
Purchases of HP at 25.50 and using a stop loss at 24.60 and having an objective of 30.00 will offer a 5-1 risk/reward ratio.
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Updates
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| Updates on Held Stocks |
Closed Trades, Open Positions and Stop Loss Changes |
| FCEL confirmed that the weekly close at 1.17 seen 3 weeks ago was a successful retest of the breakout level at 1.24 as the stock was able to go above last week's high and close in the green for the second week in a row and for 2 weeks above 1.24. Minor intra-week resistance is found at 1.39/1.40 but having closed on the highs of the week on Friday at 1.38 does suggest that resistance will be broken, meaning that a new attempt to reach the 200-week MA, currently at 1.61, could be seen this coming week. On a daily and weekly closing basis, resistance is decent between 1.48 and 1.52, meaning that a close above that area will increase the probabilities of the 200-week MA being broken. Nonetheless, probabilities do favor further choppy trading for the next 2 weeks with a trading range between1.24 to 1.52 being seen. ELON once again generated a successful retest of the 2.06-2.10 support level when the stock got above the previous week's high at 2.34 and closed in the green and on the highs of the week. Nonetheless, the bulls accomplished little as no resistance level was broken, leaving the traders still unsure of what to do here. Daily close support will now be found at 2.19 and daily close resistance at 2.43. A daily close above or below those levels will likely cause further movement in that direction, with the upside being the most likely due to the close near the highs of the week and the indexes likely to go higher. Strong intra-week resistance remains between 2.70 and 2.73 with 2.63 being an important daily close resistance, mostly because that is where the 200-day MA is currently at. The bulls will continue to have problems due to the multiple daily closing lows (4) between 2.09 and 2.13 that will work as a magnet until the bulls are able to make a clear statement to the upside. Probabilities favor more sideways trading this coming week but with a slight upward bias. SIRI was able to generate a second green weekly close in a row and a rally above the previous week's high. Nonetheless, the bulls fell short of reaching the upside objective for the week at 3.58 and the stock closed near the lows of the week suggesting that some downside action will be seen this coming week with 3.25 to 3.28 as the objective. The chart continues to favor the bulls but it is likely that the stock is not yet ready to resume the uptrend and will need another week or two of backing and filling before new buying of consequence is seen. A daily close below 3.24 would weaken the chart and a close below 3.15 would cause upward action to be moved back a few weeks. A daily close above 3.59 would likely mean the uptrend has resumed. KGC made a new 10-year weekly closing low this past week, below the previous weekly closing low at 4.98 seen in 2003, and closed near the lows of the week suggesting that further downside will be seen this coming week. The stock did not break the previous intra-week low seen the previous week at 4.56, leaving the door slightly open for the bulls to come in this week and negate the break. In fact, the stock closed in the middle of the day's trading range, suggesting there is a possibility that the stock will get above Friday's high at 4.89 on Monday and if that happens, Friday's low at 4.63 will become a successful retest of the 4.53 low (4.56 on a daily closing basis) and likely bring in some new buying. A rally above last week's high at 5.29, and a close on Friday above 5.00, is now needed for the bulls to have a chance of turning the stock around. Nonetheless, the probabilities do not favor the bulls accomplishing all of that this coming week and therefore consideration should be given to liquidating the positions and taking the loss. A break below 4.53 will likely cause the stock to fall down to the $4 level. VHC continued the recent downtrend with another red weekly close and near the lows of the week, suggesting further downside will be seen this coming week. The stock had a negative reversal day on Friday having gone above the previous day's high at 19.70 and below the previous day's low at 19.13, also suggesting further downside will be seen at the beginning of the week. It does seem that fundamentally the patent lawsuits are not looking very positive and it has been difficult for the bulls to generate enough buying to turn the recent downtrend around. By the same token, the support level at 18.62 has not yet been broken, meaning that the negatives are not yet a fact. A weekly green close next Friday would be a strong positive, while a daily close above 20.35 would do the same. The chart does suggest that the bulls need to close the stock in the green on Monday as any further red close of more than 10 points would weaken the chart even if the 18.62 level is not broken. The probabilities favor the bears but that could change at any moment if the ongoing patent lawsuit gets resolved in favor of the company. Nonetheless, the charts seem to be suggesting the traders expect the results to be negative as the bulls are hanging by their fingertips. HYGS generated another red weekly close (third in a row) but the bears continue to fail to make any inroads of consequence to the downside. The stock had an inside week this past week and a close near the lows of the week, suggesting further downside below last week's low at 13.53 will be seen this coming week. Nonetheless, some minor to decent intra-week support is found at 13.50, meaning that the stock could go below last week's low and "not" break 13.50, which in turn would be viewed as a strong positive. If the 13.50 level breaks, there is no support below until 11.82 is reached but the support there is considered decent to strong, especially since the 50-day MA is currently at that level. Only if the stock breaks below 11.61 and goes down to close the gap at 10.65, will there be reason for the bulls to worry. Based on the trading action being seen, that scenario has a low probability rating. Resistance is found at 15.00-15.07 that if broken would likely take the stock up to test the 4-year high at 16.75 that was seen just 4 weeks ago. The stock is still in a major breakout with the action being seen likely being only backing and filling before further upside is generated. LEN made a new 10-month low intra-week and weekly closing low on Friday, as well as generating a close near the lows of the week, suggesting further downside is likely to be seen. No intra-week support is found until the $30 level is reached, which does include the 100-week MA. The stock does have very minor support at 32.89 that if broken would likely cause the stock to drop in a short period of time to the 30.00-31.00 level. The stock should see some buying coming in if the indexes do rally this coming week as expected. This stock does have some sensitivity to the index market. A daily close above 35.35 would re-stimulate buying interest. The chart looks very short-term bearish but then again lots of stocks this year that are somewhat sensitive to the indexes have broken down in this manner only to reverse directions the very next week. By the same token, the bulls need to reverse directions immediately or face further downside to the 30.00 level. The intra-day 60-minute chart does suggest that if the stock can rally back up to 34.74 that the probabilities would shift slightly back to the bull side. HRB generated a green weekly close, making last week's close at 27.75 into another successful retest of the weekly close support at that level. Nonetheless, on a negative note, the weekly close at 27.75 was the third one seen in the last 10 weeks, meaning that the stock now shows multiple bottoms at that price, suggesting they will be broken at some point. Likely indicative weekly close resistance is found at 28.66 that if it holds up will likely generate renewed selling, but if broken would likely mean a rally to test the weekly close resistance at 29.42. The stock maintains a bearish outlook in spite of the rally in the indexes as the stock was unable to get above and close above the 50-day MA, currently at 28.65, in spite of the fact the indexes, and other stocks, did break above that line on Friday. The stock continues to show a bearish breakaway gap between 29.09 and 28.83 that is likely to be closed if the bulls are able to get the stock above 28.65. Chart signals are mixed at this point but slightly leaning to the bear side. NFLX had a decent up week in which the previous week's low at 207.56 is now considered a successful retest of the 2 previous 8-week lows at 204.02 and at 205.56. With the stock still in a strong uptrend, the 2 successful retests do suggest the uptrend will resume, or at least a retest of the 2-year high at 248.85 occur. Decent resistance is found at 235.88 and then nothing until 248.85. Minor support is found at 221.25 and at 218.00. Below that level no support is found until the $210-$212 level. The stock closed on the highs of the day/week and further upside, at least to the 230.45 level is likely to be seen this week. On a short-term basis, the stock is still in a downtrend and still showing a possible bearish Head & Shoulders formation that is further solidified by the fact that recently the stock was downgraded and given a $180 downside objective. A rally above 235.88 would negate the short-term downtrend as well as the H&S formation so traders will be keying on that level this week. Probabilities slightly favor the bulls, but not by a wide margin.
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1) ELON - Averaged long at 8.71 (2 mentions). No stop loss at present. Stock closed on Friday at 2.37.
2) XOM - Covered shorts at 90.40. Averaged short at 90.126. Loss on the trade of $82 per 100 shares (3 mentions) plus commissions.
3) FCEL - Averaged long at 1.34 (5 mentions). No stop loss at present. Stock closed on Friday at 1.38.
4) HRB - Averaged short at 28.855 (2 mentions). No stop loss at present. Stock closed on Friday at 28.30.
5) DCTH - Averaged long at 3.383 (3 mentions). No stop loss at present. Stock closed on Friday at .39.
6) LEN - Purchased at 34.30 and at 33.36. Averaged long at 34.83 (2 mentions). Stop loss at 32.79. Stock closed on Friday at 33.93.
7) HUM - Covered shorts at 86.20. Shorted at 85.23. Loss on the trade of $97 per 100 shares plus commissions.
8) SIRI - Averaged long at 3.055 (2 mentions). No stop loss at present. Stock closed on Friday at 3.38.
9) HYGS - Purchased at 13.95. Averaged long at 12.935. Stop loss at 10.68. Stock closed on Friday at 13.74.
10) KGC - Averaged long at 5.26 (3 mentions). Stop loss now at 4.43. Stock closed on Friday at 4.75.
11) JNJ - Covered shorts at 86.87. Averaged short at 84.89. Loss on the trade of $396 per 100 shares (2 mentions) plus commissions.
12) DD - Covered shorts at 52.63. Shorted at 56.12. Profit on the trade of $349 per 100 shares minus commissions.
13) VHC - Purchased at 19.55. Averaged long at 19.23 (2 mentions). Stop loss at 18.20. Stock closed on Friday at 19.41.
14) AAPL - Liquidated options at 13.15. Purchased 5 options at $6.60. Profit on the trade of $2275 minus commissions.
15) RIG - Covered shorts at 47.51. Shorted at 49.72. Profit on the trade of $221 per 100 shares minus commissions.
Previous Newsletters
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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. |
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