Market Summary (continued)
Friday delivered upside as word is out the US and China have agreed to restart trade negotiations with Trump and Xi meeting sometime in late summer/early fall. For the market, holding talks is much better than trading insults, and thus Friday was an up session.
SP500 9.44, 0.33%
NASDAQ 9.82, 0.13%
DJ30 110.59, 0.43%
NASDAQ 100 0.04%
VOLUME: NYSE +8%, NASDAQ -7%. Volume on the week showed overall distribution on NASDAQ, a mix of distribution and accumulation on NYSE.
ADVANCE/DECLINE: NYSE 2.3:1, NASDAQ 1.4:1. Solid enough on NYSE, but NASDAQ is showing the bleed as upside breadth is weak on a market upside session.
Up, but nothing new, nothing game changing. The indices are still in the same patterns with all trending higher, all holding support other than SOX. DJ30 has done more than hold support, rallying nicely higher off the 50 day MA. The others? They have held support but are not really making any kind of serious move higher -- the same kind of slow one day up, one day back action.
That leaves the indices still in good enough position, but not showing the kind of chops that indicate they are ready to make that solid break higher. Perhaps they can win by attrition, holding out with steady slow moves a la the turtle versus the hare.
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STATUS: Great breakout a week back, clearing an 18 month cup with handle base. The handle consists of a 2.5 month double bottom using the 200 day SMA as support. Strong breakout, nice test to the 10 day EMA this past week. Thursday a nice doji with tail off the 10 day EMA looks to have set the test low. Ready to move in as BCRX continues a good break upside.
Volume: 584.773K Avg Volume: 812.002K
BUY POINT: $7.31 Volume=1M Target=$8.94 Stop=$6.77
POSITION: BCRX DEC 21 2018 7.00 C - (59 delta) &/or Stock
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Here's a leader play and our current analysis.
STATUS: Working on the handle over the 10 day EMA in a nice 7 month double bottom base. Big gap upside through the 200 day SMA to start August as earnings were pleasing. Continued higher as the 10 day EMA caught up. Tested the 10 day EMA Friday, ready to move in when ESIO shows a new solid break upside. Nice setup good sector.
Volume: 1.127M Avg Volume: 791.355K
BUY POINT: $23.74 Volume=1.1M Target=$27.60 Stop=$22.41
POSITION: ESIO DEC 21 2018 22.50 C - (60 delta) &/or Stock
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HLF (Herbalife--$56.07; -0.83; optionable)
STATUS: After forming a 3 month range to consolidate the January to May rally, HLF blasted higher to start August on its earnings report. Strong volume then spent the past two weeks testing, coming back to the 20 day EMA and early May high. Nice little ABCD pattern. If HLF can make the break higher and hold it with some good volume, that is the signal to move in.
Volume: 1.517M Avg Volume: 1.384M
BUY POINT: $57.55 Volume=2M Target=$65.25 Stop=$54.99
POSITION: HLF NOV 16 2018 57.50 C - (55 delta) &/or Stock
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CSX (CSX Corp.)
Our Success Trading Group members scored another winning trade this week when we closed out a position in CSX Corp. (Ticker: CSX). We are watching several stocks and are looking forward to trading next week.
Our Success Trading Group closed
7 years with 0 losses on our Main Trade Table. In fact, we closed 100% winning trades for the calendar years 2016, 2015, 2013, 2012, 2011, 2010 and 2009 (we still have 1 open position from 2017 (all others were winners) and 1 trade that we opened in 2014 was closed as a losing trade). All of these trades are posted on our Main Trade Table for your review during your free membership trial period.
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VSH - Vishay InterTech, Inc. is currently trading at $22.55. The October $22.50 Calls (VSH20181020C00022500) are trading at $1.00. That provides a return of about 6% if VSH is above $22.50 on expiration Friday in October.
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