This morning the Nasdaq is nearing a new record high. It's been a sharp recovery after the market pull back last week, but something we've been accustomed to seeing since the lows in March 2009.
It turns out potential impeachments are just another named excuse for downside that ends up being a tremendous buying opportunity.
Here are some charts I am looking at this morning for potential trades.
It's recent earnings report gave investors a reason to sell it down to long term support. Here it sits ready to break big, will it be higher or lower? I continue to think this stock heads higher and back over $25 in the short term. I tried to trade for it via $24 calls recently, and that trade failed as the options never went into the money. I plan on trying for upside again with longer dated calls and will hold as long as support is strong.
The stock has given gains and taken them away. But amid a market that is slowly moving most days, $X has seen some incredible 5%+ moves. The option prices have come down as the action has subsided recently. Momentum looks to be turning positive and the stock could be setting up for a move back over $20.
The stock has been selling off since it reported earnings. I think it has gone too far and entered the $55 June calls yesterday. They closed at $.70. I think this stock could be back at $60 before June expiration, but the money will do the talking and right now its not buying its selling.
The company is growing, they have hundreds of millions committed to buying back stock, and it rests at support. I like the risk/reward.
It looks to have bottomed. Positive analyst commentary greeted the stock on Friday. I am in calls for a move higher as momentum looks to turn positive this week.