To view these post you must be a Gold or Diamond Member.
The week ahead with UPB was held last night at 10:30PM.
It is held every Sunday night. I recorded last nights webinar and have posted it below. You can watch it on the embedded player or you can even download it if you like.
We went over some charts and a few possible earnings trades we have for this week.
I recorded last nights webinar that was held at 10:30Pm EST.
Covered: FB, AAPL, GLD, SLV, GOOG.
Earnings from ACN, PAYX, CCL, NKE
Charts: GLD, SLV, GDX, AAPL, FCX, CMG, ISRG and more
LinkedIn(LNKD) is a stock we constantly have on watch and took notice again last week as the stock closed above the 50 day moving average. Figured the stock would start breaking out to the upside and looks like a possible 3+ day rally is in the cards. There are quite a few skeptics who have been calling for a serious pullback based on LinkedIn's(LNKD) 900+ P/E ratio. Those shorts should help add fuel to the fire and push LinkedIn(LNKD) over $111 short term.
Volume can tell the story. Take a look at the end of day volume on Monday:
Looked like big money was bidding up the stock on Tuesday from it's $104.40 low and expect more of the same for the rest of the week. We currently hold $110 weekly calls.
We've been trading in a channel since the June 4th lows, volume has been light... its been a yawner since Ben and Draghi gave us nothing new and markets staged a 1.5 day rally two weeks ago. Today, finally, we are making some progress as stocks rallied over key levels. As I said in a video last week despite the calls for a pull back, or some calling for a massive decline, I thought stocks would rally and head to new highs for the year. The main reason?
Bonds. We are seeing a sell off.... and where is all that money going to go? We are seeing it with stocks rallying in spite of a less than stellar economic environment. When we break to all time highs this year on the SPX it certainly won't feel the same as it did in 2007. It may for the rich, but for almost everyone else things have certainly changed, and it hasn't been for the better. You've lost your job, your house is worth less than the mortgage you owe on it, you can't find a decent paying job, everything you buy/pay/spend money on has risen in price. Toll's at bridges and tunnel crossings have more than doubled and will continue to rise. Mass Transit fares continue to skyrocket for those who still have a job to commute to. Food stamps? Luckily government assistance has never been higher and food stamp usage is at record levels.
It is clear the stock market has almost nothing to do with economic reality these days, with the market keenly focused on the next round of government manipulation. What is the next round? Where do we go from here? When are we going to make new all time highs on the S&P 500?
If this bond sell off continues we could get there very quickly. The issue we will see once we hit all time highs, is that the FED can not justify any more manipulation. The economic data does not support stocks at these prices without a punch bowl. We will have a nasty pull back. We all know the Euro crisis is far from over. That will come back at some point later this year. Greek will need more money at the end of September, which may provide the market with a reason to sell off. Also we have the looming "fiscal cliff" as well as an election.
If the market wants to soar to new highs, it better do so between now and the middle of September. After that we should see a strong sell-off on heavy volume.
Notice how we broke above the June 4th low channel today. I would like us to remain above that trend line. We will find out the next few days whether this market still has legs. I think it does.
Yesterday was another somewhat boring day with lackluster market volumes. The market volumes seems to be stealing some of the headlines and has become a focus as dog days of summer are truly starting to take hold. Have a feeling in the next few days there will be a nice 1-2%+ move in the markets. Timing it is always the key!
SINA earnings report last night, where the headline numbers look great, but profits for the rest of the year look weak. Again, that is not always the story with SINA, and folks are usually more concerned about its ability to generate revenue and how they are looking to grow profits in the future. Still have hope for my $60 calls and may add some $55/57.50 at the open if I like what i see.
SHLD reported earnings this morning with EPS in line but a revenue miss. Just like I said yesterday, SHLD rallied on gigantic volume into the close and hit a high of 57.48(i said it would hit $57). Of course my order did not fill to sell the calls. Hard to figure what SHLD will do today, but have a feeling it continues it's ascent into the 60s.
NFLX continued its move higher, albeit a little slower on Wednesday. Chart still showing a reversal with plenty of room to move. Hopefully NFLX breaks $65 and the 67.50 calls can go from red to green.
I will be doing a LIVE Q and A session tonight at 7pm. I will have the link posted in the live chat room later this afternoon.
I will be out in the morning but once again you can email at optionmillionaires@gmail.com for any questions.
Will likely not be adding any positions for the 2k mirror account today unless I see something very compelling. Also, want to make sure the other 2 positions are closed.
Mirror followers check twitter for updates throughout the day.
Have a Great THURSDAY!
