Some Market Perspective

The market had a strong first hour of the session before selling off and closing near session lows.

Chinese names remain very, very heavy.   $SINA, $BIDU, $IQ, $NTES all got clocked after reporting earnings.  Tonight $YY and $HUYA are both down sharply after reporting earnings tonight.  $BABA reports earnings last this month and may come down to test a key support level at $170. A break there sets up significant downside.  I'm not sold on that yet, I think a test of $170 will make for at least a short term buy.

$NTES chart looks tough here for the bulls.

$IQ reported great earnings and the market sold it off.  I think it has potential to take out record highs from not long ago.  Support needs to hold here as well.

I'm long $GME, $VSI, and $FCX.  $GME still looks poised for the break higher and over $16 short term.
$VSI had a nice insider buy reported tonight.  The chart still looks amazing.
and $FCX taking its time held up on a rough day for metals.
I think the market is going to rebound into weeks end.  It is monthly opex.  Todays weakness will be tomorrows strength.
Have a great evening see you in the chat room tomorrow early.


Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

More Posts by UPB: View All | Private Twitter Feed: Access Now! (For Diamond Members)

Leave a Reply