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Issue #377 
May 18, 2014 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Bond Market Rallies, Spooks Stocks!
DOW Friday closing price - 16491
The DOW generated a negative reversal week, having made a new all-time high at 16753 and then closing in the red and near the lows of the week, suggesting further downside below last week's low at 16397 will be seen this week. By the same token, the index stayed above the previous all-time high weekly close at 16478 that had stood up for 6 months, also suggesting the reversal was not yet a sign that a top to the rally has been found.
The DOW did not generate any follow through to Thursday's strongly negative day, having held above Thursdays low and then generating a green close on Friday and on the highs of the day, meaning that the first course of action for the week on Monday is likely to be to the upside. If the bulls are able to build on that and get above Thursday's high at 16622, the negative reversal will be negated and the buying interest will likely resume.
On a weekly closing basis, there minor resistance at 16583. On a daily closing basis, there is minor resistance between 16572 and 16580 and minor to perhaps decent resistance at 16715. On a weekly closing basis, support is very minor at 16361 and then none until decent support is found between 16026 and 16065. Below that, there is minor to perhaps decent support at 15698 and minor at 15665. On a daily closing basis, there is minor support at 16446, at 16401 and again at 16361, minor to perhaps decent between 16245 and 16264 and decent between 16026 and 16065. Below that, there is minor support at 15821, minor to decent at 15739 and strong at 15372.
The NASDAQ outperformed the DOW to the upside this past week and that suggests speculative buying interest is again being seen, also suggesting that the probabilities favor further upside until such a time that the interest reverts back to the safety of Blue Chip stocks on rallies. As it is, the reason for the drop this past week was mostly fear that the Fed might consider raising interest rates sooner rather than later because the PPI report suggested on Wednesday that the economy may have begun moving to fulfill the Fed requirements as to the inflation numbers they have stated need to be seen before consideration can be given to raising interest rates.
Nonetheless, after the initial strong downside reaction seen on Thursday and the close on the lows of the day, the bears were unable to push the DOW lower on Friday and that opened the door for recovery to be seen this week. By the same token, it was stated by many analysts that Friday's rally was mostly due to options expiration day and that the selling pressure will resume on Monday. If that does occur and the index does go below last week's low at the beginning of the week, the bulls will need to find help immediately or face further downside of consequence.
To the downside, the DOW has what could be pivotal support at 16357. Further support is found at 16312 and at 16240 but for the past 6 weeks the index has not gone below a previous intra-week low, and since February it has only broken a previous day's low once and then only by a very small amount (31 points), meaning that the uptrend is still in "full bloom". A break below 16357, especially if followed by a break below the general support at 16300, would be a sign that the traders believe the index has found a top to this rally.
To the upside, the DOW will encounter minor resistance between 16505 and 16520 and then minor again at 16565. Above that level it will likely be straight up to the 16620-16631 where the 3 most recent highs, prior to the all-time high at 16735, are found. The daily chart suggests that if the index is able to get above 16622 that the traders will get back on board to the upside.
It is evident that much will be decided on Monday as there are no economic reports of consequence scheduled for this week, meaning that Friday's slightly positive action will either be considered just a 1-day option day adjustment or a sign that the downside selling pressure seen on Thursday has abated. The probabilities do favor the DOW going below last week's low at 16397 at some point during the week as the week should see mostly technical trading. By the same token, if the index does not go below last week's low in the first 3 days of the week, it will be just as indicative that last week's weakness was just a knee-jerk reaction to the higher PPI number seen last week.
Probabilities still favor the bulls in the DOW as the index has not yet broken any support of consequence to the downside.
NASDAQ Friday closing price - 4090
The NASDAQ generated a green weekly close on Friday in spite of the negative reversal week seen in the other 2 indexes, suggesting that the traders are not yet convinced that further downside in the overall market will be seen. The dichotomy of the mixed signals given this week in the index market does favor the bulls as the NASDAQ has been the "weak sister" the past 2 months and the reversal of that role does bode well for the bulls, at least for the short-term.
On a cautious note, the NASDAQ bulls have not yet accomplished anything positive of consequence either as a weekly close above 4123 needs to occur for new buying interest to be generated. On a weekly closing basis, the index has been trading for the past 7 weeks between 3999 and 4123 and until the index closes above or below one of those 2 levels it will be considered uneventful and un-indicative.
On a weekly closing basis, resistance is minor at 4123, minor to perhaps decent at 4197, very minor at 4276 and decent at 4336. On a daily closing basis, resistance is minor but likely indicative at 4138/4143, minor again at 4161, minor to perhaps decent at 4183 and decent at 4243. Above that level, there is minor to decent resistance at 4273 and at 4333 and strong at 4357. On a weekly closing basis, support is decent at 3999/4000 and minor to perhaps decent at 3919. Below that, there is minor support at 3791 and decent at 3589. On a daily closing basis, support is minor at 4069, minor again at 4051 and decent to perhaps strong between 3996 and 3999.
The NASDAQ generated a minor breakout this past week when the index closed above the previous high daily close at 4138 with a close on Monday at 4143. Nonetheless, no follow through to that breakout was seen and the traders went back into a sideways trading mode, having closed on Thursday at 4069 (not breaking the previous daily closing low at 4051) and closing in the green on Friday. The action suggests the index is presently in a sideways mode as the traders await further news. By the same token, the action also suggests that the bears have lost their edge and also need new negative news to stimulate further selling interest.
The chart of the NASDAQ suggests that the traders are now looking at the MA lines to make a decision. To the downside, the index has the 200-day MA, currently at 4000, and to the upside the 50 and 100 day MA, currently at 4165 and 4175 respectively, meaning that a close above or below one of those levels is likely to help the traders made a decision as to the direction to be seen for the next few weeks.
The NASDAQ is presently showing what might be considered a bullish flag formation with the flagpole being the rally from 3946 to 4177 and the flag the trading range between 4014 and 4177 seen the past 4 weeks, meaning that if 4177 is broken the objective would be 4246 which is also a clearly defined upside target due to the fact that the left shoulder of what could be a bearish Head & Shoulders formation in the making is at 4246. It should also be mentioned that 4246 was a level of previous importance in the year 2000 as it was an area where the index rallied to, before embarking on a downtrend of note. Because of the bullish flag formation and the left shoulder both being at the same level the probabilities technically favor a rally to that price unless some negative fundamental news comes out (unlikely).
The NASDAQ closed on the highs of the day on Friday and closed in the mid-point of the week's trading range, suggesting the first course of action for the week will be to the upside and that there is an even chance of last week's high at 4155 being broken. Based on Friday's close near the highs of the week, the probabilities favor a rally up to 4138 in the first 2 days of the week and if that level is broken, the index will probably get above 4155. By the same token, any break below 4025 and/or a daily close below 4051 would suggest the 200-day MA will be tested and if broken on a closing basis, that new selling pressure will be seen.
As of this writing, the bulls have a slight edge for the index to rally.
SPX Friday closing price - 1877
The SPX had a negative reversal week, having made a new all-time high at 1902 and then closing in the red and in the lower half of the week's trading range, suggesting further downside below last week's low at 1862 will be seen this coming week. By the same token, the weekly close was totally un-indicative as for the past 3 weeks the close has been within a range of 4 points having closed this week at 1877, the previous week at 1878, and the week before that at 1881, meaning that the traders have not made up their minds as to direction. With the index still in an uptrend and no support levels of consequence broken, the probabilities favor further upside.
The SPX did close on the highs of the day on Friday, suggesting that the first course of action for the week will be to the upside with 1897 (the previous all-time intra-week high) as the objective. In addition, it must be mentioned that on a closing basis the index has stayed above the 50-day MA, currently at 1868, for the past 4 weeks and has stayed mostly above the line for the past 3 months, with the exception of 4 days in the middle of April. It is evident then, that the trend is still up but that the line is being closely monitored by the traders as a likely indicator of what the index will do on a short-term basis. With the index having closed exactly on the line on Thursday and then generating a green close on Friday, the probabilities favor the upside as Thursdays close was another successful retest of the line.
On a weekly closing basis, there is minor resistance at 1881. On a daily closing basis, there is minor resistance at 1884, minor to perhaps decent at 1890 and decent at 1897. On a weekly closing basis, there is minor support at 1841, decent at 1815, minor at 1805 and decent at 1775/1782. On a daily closing basis, there is minor support at 1870, at 1867 and again at 1863, decent between 1841 and 1849 and decent again at 1815. Below that, there is very minor support at 1809, minor to perhaps decent at 1780 and decent to perhaps strong at 1741.
The SPX made a new all-time high this past week and though selling occurred on Thursday due to the fears of interest rates rising sooner than later, the bears have been unable to generate any kind of a sell or failure signal on the daily closing chart. For the past 6 weeks, the index has shown a pattern of higher highs and higher lows on the daily closing chart and until that scenario changes, the dips will continue to be bought.
Thursday's close at 1870 is the last low daily close and that is the level the bears must key on this week if they want to generate any kind of new selling. By the same token, the bulls must concentrate on getting above the previous all-time intra-week high at 1897 and closing above the previous all-time daily closing high at 1890. Those 2 levels will be resistance this coming week. As such, it can be said that on a daily closing basis, 1870 and 1890 are the 2 levels that will be keyed on by the traders this week. Probabilities still favor the bulls.
Mixed signals were once again given this past week with the NASDAQ saying higher and the other 2 indexes in the process of possibly giving failure signals. Nonetheless, none of the indexes was totally convincing, meaning that uncertainty remains in place. Support from the Fed has kept the traders on the buy side this year but this past week the PPI number came in substantially higher than expected and did raise concerns that the inflation rate stated by the Fed might be reached sooner rather than later, meaning that interest rates could be raised before the end of 2015 as stated previously. By the same token, the CPI number that came out on Thursday did not confirm those fears and some of the selling interest abated on Friday.
There are no economic reports of consequence scheduled for this week and as such, the indexes are likely to trade technically off of charts. Levels mentioned above in all indexes will likely determine the week's outcome. All index charts do suggest higher prices this week, though on an intra-week basis some selling pressure might still be seen.
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Stock Analysis/Evaluation
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CHART Outlooks
DOW and the SPX had negative reversal weeks. The NASDAQ did outperform the other indexes and the outlook for the index is still to go higher to test the 14-year high at 4371. It is looking more likely that if the indexes are to continue higher that the NASDAQ will be the one leading the parade. As such, purchases should be keyed to that index alone.
I have only one mention this week due to the fact that the indexes gave mixed signals on Friday and it is not clearly evident yet that further upside will be seen. The portfolio is already heavily long and further additions would not be fully warranted at this time.
PURCHASES
EBAY Friday Closing Price - 51.95
EBAY has been mimicking the NASDAQ this year, having made an all-time high in February at 59.70 and since then has been on a downtrend without having generated yet a retest of that high on the weekly chart.
Two weeks ago, EBAY reported earnings and they were disappointing, causing the stock to make a new 6-month low at 49.77. Nonetheless, the $50 level has been a major support level since November 2012 (when the stock first broke above that area) and the bulls managed to generate a green close last week, making the previous week's close at 50.54 into a successful retest of the $50 support area. It should be mentioned that the $50 level has been tested successfully on 6 different occasions over the past 17 months and it does look like the low 2 weeks ago is now the 7th successful retest of that area.
EBAY closed near the highs of the week and further upside above last week's high at 52.48 is likely to be seen, suggesting that the stock could be heading up to retest the 59.70 all-time high weekly close, much like I have been anticipating the NASDAQ will be doing as well.
To the upside, EBAY shows resistance at the gap area between 53.40 and 52.75 generated after the earnings report. Nonetheless, the stock did get up to 52.48 on Friday and did close in the upper half of the day's trading range, suggesting that the gap area will be tested this week. Further resistance is found at the 200-day MA, currently at 53.60, but the 200-day MA has been consistently broken over the past year, spending over 40% of the time trading above the line, meaning that it is not considered a resistance level that is likely to stop a rally if the index is also moving higher. A rally up to that line would also mean the gap was closed, giving additional ammunition to the bulls to take the stock higher. Additional but minor resistance is found at the $55 demilitarized zone. Above that level though, the stock should move up to the 57.50 level which would then become a retest of the 59.70 area and the main objective of this mention.
A rally up to 57.50 would be suggestive of a rally in the NASDAQ to 4246 but with the index having a good possibility of getting up near its 14-year high at 4371, it would likely mean EBAY could get up to 59.00.
To the downside, EBAY shows support at 50.88, at 50.65, and at 49.77. Nonetheless, the 50.65 low seen on Thursday is now a successful retest of the 49.77 low and should not get broken if the stock and the index are to head higher as expected. As such, the stop loss will be placed below 50.65, allowing the trade to have a decent risk/reward ratio. The 10 and 60 minute intra-day chart does suggest the stock could get down to the 51.50-51.70 level on Monday before new buying appears.
Purchases of EBAY between 51.50 and 51.70 and using a stop loss at 50.55 and having a 57.50 objective will offer a 5-1 risk/reward ratio.
My rating on the trade is a 3.25 (on a scale of 1-5 with 5 being the highest).
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Updates
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| Updates on Held Stocks |
Closed Trades, Open Positions and Stop Loss Changes |
| AMZN generated a green weekly close, meaning that the previous week's close at 292.25 was a successful retest of the 100-week MA, currently at that price. The stock closed right in the middle of the week's trading range, meaning that the traders need more information at the beginning of the week to decide on the direction for the week. By the same token, the stock closed on the highs of the day on Friday, meaning the first course of action for the week is likely to be to the upside and if able to get above last week's high at 305.60, the stock will likely rally up to at least the 310.00-313.62 level. It should be mentioned that Thursday's low at 290.38 is now considered a successful retest of the 284.38 low and if confirmed on Monday with another green close, the bulls will gain a slight edge. By the same token, a break below 290.38 would now be considered a negative though not necessarily one that will bring a break of 284.36. Probabilities slightly favor the bulls. ARNA got a negative earnings report this week and closed in the red and on the bottom half of the week's trading range, suggesting further downside below last week's low at 6.08 will be seen this week. By the same token, the bulls were able to rally the stock enough to close above the 50-week MA, currently at 6.35, leaving the door open for the stock to reverse the selling pressure seen. On another positive note, the stock got down to the 200-day MA on Thursday, currently at 6.14, and with the green close on Friday it is now considered to be a successful retest of that line, suggesting that if confirmed on Monday with another green close, especially if above 6.50, that last week's weakness off of the earnings reports will be negated. Resistance will again be decent at 6.71/6.75 (6.67 on a daily closing basis) and support is now found at Thursday's close at 6.37 and at the 200-day MA. Any close below 5.96 would now be considered a strong short-term negative and a close above 6.67 a decent short-term positive. Probabilities slightly favor the bulls. CVX had a negative week having generated the first red weekly close in the past 5 weeks and in the process breaking all the intra-week supports built since April 21st. The stock closed on the lows of the week and further downside below last week's low at 122.89 is likely to be seen this week. Very minor support is found at 121.64 and then nothing until the gap area between 120.31 and 120.90, which does include another minor intra-week support from December 5th at 120.71. With the red weekly close, the strong weekly close resistance between 124.92 and 125.45 has once again been tested successfully, suggesting the bulls continue to need a strong fundamental positive (not likely to be found anytime soon) to generate any new upside. Probabilities strongly favor a drop down to anywhere between 120.90 and 121.64 but also favor the stock closing the gap as the reasons for the gap staying open are not there. The 50-week MA is currently at 120.25 and that is an important pivot point as a close below that level on a weekly closing basis would suggest further downside of consequence, likely at least down to the 114.44-116.02 levels. Minor daily close resistance will now be found at 124.03 and on an intra-week basis at 125.65. The stock gapped down on Thursday between 125.76 and 125.50 and if a second gap is generated, the bears will gain a strong edge. DOW got up to a decent intra-week resistance at 50.64 with a rally up to 50.63 and then reversed to close in the red and in the lower half of the week's trading range, suggesting that further downside below last week's low at 48.12 will be seen this week. By the same token, the stock is tightly attached to the index market and if the indexes fail to follow through to the downside, the probabilities favor the stock also not following through as well. In fact, the stock generated a reversal day on Friday, having made a new 12-day low and then closing in the green and near the highs of the day, suggesting the first course of action for the week will be to the upside. Resistance of importance will be found at the $50 demilitarized zone and up to 50.43. The bears still need to generate a break below 46.56 to generate new and possibly strong selling interest. Probabilities favor further sideways action between $48 and $50 with no determination of direction seen this week. ELON generated another red weekly close, the 6th out of the last 8 weeks and did close in the bottom half of the week's trading range, suggesting further downside below last week's low at 2.38 will be seen this week. The stock did break the 200-day MA on Tuesday, currently at 2.53, and confirmed the break with 3 subsequent closes below the line. Nonetheless, the stock did not follow through to the downside off of Tuesday's low, suggesting that the selling interest in not strong. The stock closed on the highs of the day on Friday and the first course of action for the week is likely to be to the upside with the 200-day MA as the objective. If the bulls are able to close above the line any day this week, especially if able to take the stock above last week's high at 2.59, then the break will be negated and new buying is likely to be seen. Failure to accomplish that will be considered a negative, meaning that the stock will need some fundamental help to recover. If the bulls are unable to generate any kind of a positive statement, I will look to liquidate the positions. Probabilities slightly favor the bears. FCEL had a positive week as the bulls were able to prevent any new intra-week low to be generated in spite of the close on the lows of the week the previous week. The bulls were able to turn the stock around to close in the green and near the highs of the week, suggesting further upside above 2.24 will be seen next week. It is also important to note that the previous week's close at 1.90 is now a successful retest of the 1.86 level that was the high weekly close between 2011 and 2014 and that generated the breakout from the rounded bottom that was built during the past 5 years. The action seen does suggest that the worst is over for the downside. Weekly close resistance is found at 2.31 but an intra-week break above last week's high at 2.24 is likely to generate a rally up to the 50-day MA, currently at 2.50, meaning there is a decent chance that the bulls could accomplish something of note this week. Some intra-week resistance is found at 2.35 but it is minor in nature and not likely to have much effect if the stock starts trading higher this week. Any drop below 1.86 would now be considered a negative. FSLR had a negative week, having generated the 3rd red weekly close in a row and the 6th out of the last 8 weeks since the 30-month high at 74.84 was generated. The stock closed near the lows of the week and further downside below last week's low at 58.57 is likely to be seen. The stock did straddle the 200-week MA, currently at 67.35, for a period of 7 weeks before embarking on this recent downtrend. The bulls were not able to establish a convincing break above the MA line but that is not surprising since the stock has been under the line since March 2011 and as such not likely to break the line with any strength the first time around. The stock does show important support at the 200-day MA, currently at 54.05 and even stronger support at the 50-week MA, currently at 52.90, which has not been broken to the downside since it first got broken to the upside on November 2012. It should also be mentioned that the line is solid support having been tested successfully on 3 previous occasions. The stock did rally a bit on Friday to close slightly above the mid-point of the day's trading range, suggesting the first course of action on Monday could be to the upside. Resistance is found at the $60 demilitarized zone but if 60.30 is broken, the stock could rally up to the 61.45-61.85 level. A break above 61.85 could take the stock all the way up to the 65.99 level of decent resistance. Probabilities favor further downside, down to at least the 54.05 level, meaning that if the stock does not get above 60.30 on Monday it should be liquidated and re-purchased down around $54. GIGM generated a green weekly close on Friday, suggesting that the selling pressure has begun to abate. By the same token, the stock is still trading below the 100-day MA, currently at 1.11, meaning that the bulls have not yet been able to generate any new buying interest of consequence. On a positive note though, the stock has now managed to stay above the 1.00 low made 14 days ago and also above the retest low at 1.03 seen 6 days ago, meaning the bears seem to have run out of ammunition. The high and low for the past 7 trading days has been 1.10 and 1.03 and it is likely that a break of either of those levels will generate new trading interest. The probabilities slightly favor the bears as the stock closed in the lower half of the week's trading range as well as of Friday's trading range. Nonetheless, with the 1.00 level being such an important psychological support and the Chinese market seemingly starting to bottom out from the recent downtrend, it is unlikely the bears will have much success getting the stock below 1.00. Any close above 1.12 will likely generate new buying interest. INTC had a negative week, having technically gone above the previous week's high at 26.53 (got up to 26.54 this past week) and then turning around and closing in the red and on the lows of the week, suggesting further downside below last week's low at 25.74 will be seen this week. The stock shows no support below until 25.25 is reached but the support at the $25 demilitarized zone is decent and should not be broken. It should also be mentioned that this stock is sensitive to what the NASDAQ does and if the index rallies the stock might do the same. Resistance is now found at 26.04 and more importantly on a daily closing basis as the 50-day MA is currently at 26.00. If able to rally and close above 26.04 on Monday, the negatives will be minimized. The probabilities though, favor a drop down to the $25 level and then a rally up to 27.12 to retest the recent multi-year high at 27.24. This stock is a very conservative play and having no clear direction and mostly a 1-1 risk/reward ratio at this time, it makes more sense to be out of the stock than in it. LINE continued to trade sideways between 27.75 and 29.21 but the stock did close near the highs of the day/week on Friday and the probabilities favor some upside above last week's high at 29.00 this coming week. A break below 27.75 would be a decent negative but the bears still have to break below the 7-month low at 26.80 to make a clear statement. By the same token, a rally above 29.20 would be a positive that could generate further upside to the $30 demilitarized zone. The stock has generated red closes on 9 out of the last 12 weeks and continues to trade mostly below the 200-day MA, meaning that the bears continue to have the edge. MELI generated a green weekly close on Friday but only by 33 points, meaning that the bulls still have not made the kind of a statement they need to make to bring in new buying. By the same token, the bears were unable to get anything done either as the company reported better than expected earnings a week ago Friday and last week the stock mostly traded sideways as the traders await either further news or direction from the index market. The stock did close near the highs of the day on Friday and further upside above Friday's high at 85.48 is likely to be seen on Monday. If that occurs, Thursday's intra-week low at 82.88 will be a successful retest of the recent low at 80.44 and Friday's close at 84.99 a successful retest of the 15-month low daily close at 83.26. The probabilities favor the stock rallying back up to the 200-week MA, currently at 87.30, by next Friday. Resistance is found at 88.99 and again at 92.01. Support is found 82.08 and at 81.67 and if the stock goes above Friday's high at 85.48, support will also be found at 82.88. PWRD generated a green weekly close, making the previous week's close at 17.00 into a successful retest of the 200-week MA, currently at that same price. The stock closed near the highs of the day/week and further upside above last week's high at 17.84 is likely to be seen this week. No resistance is found until the 18.93 level is reached. Above that level, decent resistance will be found at the $20 demilitarized zone, which does include the 200-day MA. The key to the week is last week's high at 17.84. A break above that level is highly likely to bring in new buying interest and might be seen as a short-term domino run to the $20 level. Probabilities favor the bulls since the 200-week MA was tested successfully. SINA had an uneventful week, having traded within the high (49.79) and the low (45.69) seen the past few weeks. The stock closed in the middle of the week's trading range, suggesting the traders are waiting to see what the index market decides to do. By the same token, this is not a stock that is very sensitive to what the index market does. The stock did close on the highs of the day on Friday and the first course of action should be to the upside above Friday's high at 47.98. The stock is now showing 1 successful retest of the 45.69 low with Thursday's low at 46.25 followed by Friday's green close, suggesting that the chart is now fulfilled and that the downtrend is over. From a fundamental perspective, the negative news that had been expected is now out and yet the bears were unable to generate any new lows, suggesting the bears are out of ammunition and the bulls now ready to generate some bargain basement buying. The $50 demilitarized zone remains resistance and the 45.69-46.25 level is now important support. Probabilities slightly favor the bulls.
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1) ELON - Averaged long at 5.534 (4 mentions). No stop loss at present. Stock closed on Friday at 2.47.
2) ARNA - Purchased at 6.50. Stop loss at 5.75. Stock closed on Friday at 6.43.
3) FCEL - Averaged long at 2.276 (3 mentions). No stop loss at this time. Stock closed on Friday at 3.16
4) FSLR - Purchased at 59.69. Stop loss at 58.47. Stock closed on Friday at 59.64.
5) MELI - Purchased at 83.54. Averaged long at 82.88 (2 mentions). Stop loss now at 82.78. Stock closed on Friday at 84.99.
6) LINE - Shorted at 28.75. Mental stop at 30.35. Stock closed on Friday at 28.74.
7) GIGM - Averaged long at 1.225 (2 mentions). No stop loss at present. Stock closed on Friday at 1.06.
8) DOW - Averaged short at 49.58 (2 mentions). Stop loss at 51.06. Stock closed on Friday at 48.98.
9) CVX - Shorted at 125.42. Averaged short at 125.91 (2 mentions). Stop loss at 128.06. Stock closed on Friday at 123.18.
10) INTC - Purchased at 26.01. Stop loss now at 25.65. Stock closed on Friday at 25.82.
11) AMZN - Purchased at 290.56. Averaged long at 295.225 (2 mentions). Stop loss at 279.23. Stock closed on Friday at 297.70.
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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