M-Macys Macy's didn’t cross that critical mark of 42 to reconfirm my bullish sentiment on this stock. Last week, we actually put up a “lower” high. I am not completely happy with that but hey, the market does what the market wants to do (remember that statement). I am still long this stock because we continue to put in "higher" lows (weekly chart) and even with Macy’s lowering guidance for this upcoming quarter, the stock virtually stayed flat (in fact, it closed slightly green on the daily). So all the bad news may actually be baked into the current share price. Still long this stock; but I adjusted my stop-loss upwards.
FB-Facebook I am not fighting the trend on this one and to be clear, the trend is up. FB reported an awesome quarter last week; it hit a new 52-week high as well! I am going in as a contrarian with this one. I am looking to short, there seems to be more points to be made on the downside versus the upside. I can’t imagine the opportunity presenting itself next week but if it does, I am taking it. I am waiting and stalking this stock like it's my prey.
LULU-Lululemon Athletica Inc. Stock from a technical perspective is extremely bullish. Trending up for the past 2 months, since hitting a two-month low of 43.14 back in November. I am short biased so I will wait for the opportunity. I should note, I believe this stock will probably go on to hit or get close to its 52 week high but I will not enter the trade as a long because from a risk/reward perspective, it’s too risky for me. There seems to be more monies to be made on the downside.
TMST-TimkenSteel Corporation Stock increased over 70% in ONE day after the company reported better than expected results. 70% in ONE day isn’t a sustainable increase. I am looking to short any spikes, as usual, waiting for confirmation.
Caution I am looking to short stocks that are trending up, if you're new to shorting, I suggest you evaluate the risk a strategy like this would mean for you.
Last Weeks Recap M (2%) GLNG (4%) CYBR +10% NXTD +10% CRMD- flat
Click here for Januarys Recap Short term Market Rally under way? I don’t know but next week might just be that infliction point. Here’s what I gathered by looking at the S&P 500. Click here for more information.
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