I sold CRS recently because it was not doing anything and I needed cash for better opportunities.
It is an example of where a upside reversal from the 50dma could have been an entry or add point and today’s pop could have been another add or new entry point.
Meli is setting up.
That is a Daily chart and is ready for an early entry point with a 5% stop. The reason I say it is ready for an early entry is because it has set up on the 21ema and 50sma on a Daily chart. Also you can see the Distribution is getting less and less meaning more people are unwilling to sell. Here it is on a weekly chart.
It is in a flat base right now with a buy point $2161.73. Meli is a great stock and I do not own it. I also do not plan on taking a position right now because it’s earnings are in 2 days and that would just be gambling. We all have seen what happens when people flip the coin. It’s nice when you win but… Anyway Meli is growing fast and one to watch.
BITB, Bitcoin looks like it is ready to pop over a consolidation pattern with a buy point of $40.16. If it does that it will be free and clear. I have a position from an early buy point.
Wing. Something is going on with Wingstop. It had volume of 159% today and couldn’t go anywhere. In fact it couldn’t even get over the 200sma. That is considered a black omen. Let’s see what happens tomorrow when it reports. I am expecting it to drop big time. I won’t be able to talk about it because I will be gone for a couple of days.
FTAI. I am not in this and it reports tomorrow. But I am just amazed at how well it does and it has followed the 10SMA all the way up. I want to see how it does tomorrow.
Yep, that is not promising action, but earnings are always surprises since Reg-FD.
I have been adding back my ONON recently and added more today. Last week it found support at 50dma, but then fell below it. Two days later it jumped above the 50dma, so that was a change in character worth acting on. Bought a 1/6 position on 10/26, 10/28 and today. Webby mentioned that you should never be scared to buy a position back if it presents buy signals. He “Never thinks about it”. That is one reason I want to buy back, to overcome recently bias or loss-bias. Today it opened down, fell to the 50dma and then had an upside reversal, that is a good buy signal. A close below 50dma would be another change in character that a swing trader would act on and I would likely do so here. Earnings in 14 days. DECK crushed earnings the other day, which is why this popped. CROX tanked today, which is why it tested the 50dma, then investors must have decided this is better than CROX.
Added 1/6 to UBER today as it moved above 21dma and broke a downtrend. I was clearly overeager to buy immediately upon the poor robotaxi news. Am I just trying to average down, or am I buying right? Webby would have been out, but he is a swing trader.
Sold 1/6 of my IBD position in SE. SE and ZBRA are in my “Chaikin” dedicated account where I buy some of the Chaikin service picks and then use IBD rules to trade around the core. Therefore my “IBD” buys are much smaller than in my dedicated IBD account. Anyway, SE fell below 21dma, but nowhere near the 50dma. ZBRA broke out on strong earnings and I needed cash to buy a 1/6 position there. I felt good taking a little profit out of SE and putting it in this fresh breakout.
Added a bit to IBKR. It bounced off 21dma a couple days ago, so I added as it moved above short consolidation today. Almost at a full position, but can add if it continues to act well.
$MOD is down 3.6% afterhours because of earnings. That would keep it above the 50dma and I would still have a profit. Will have to decide if I want to keep it or use cash to add to stronger positions or maybe buy ALAB.
Wing was killed today. Missed earnings by 8 cents but their Revenue was up 39 percent. Still growing stores. This one needs to be deflated a little bit and then base.
DUOL. Duolingo is popping out of a flat “like” base on high volume of 117%. I do not own it but looking to buy in. They report in 7 days which is problematic.
AS I am in AS at the pivot on the cup. It looks like it is forming a handle. I hope I do not get shaken out but them’s is the rules. Something to keep an eye on.
$GLW beat earnings the other day and had a nice pop. It did reverse down a bit and is off today. I listened to CEO and really liked their future prospects: lots of data center build-out, and lots of long distance AI datacenter connectivity because you can’t build datacenters too close because of all the power they need. They also do glass for phones and I think TVs. But AI is the big driver.
Put it on a watch list.
Looking for a flag to form on RDDT to present a buying opportunity.
Shark Ninja $SN did it like this
APP ran a lot be for pausing
MMM looked like a setup, but was not much after the big jump
Don’t predict, just react to reality.
Had to sell $MOD and $UBER today. $GVA reported earnings and was way down, but finish positive with a strong upside reversal. I guess the CC overrode worries about whatever the earnings were. Will post charts later.
$RDDT: Webby hopes it falls below the low of the gap and then people get shaken out. If it then reverses up, that is when he will buy. Stop would be at the low of the reversal day. Or, maybe it consolidates for 2 weeks and then has a breakout, that would work.
(Webby) We would like to see RDDT do what NFLX did after its gap up. A bounce off the 21dma would work too.
SHAK: another gap up example. In this case, we did go below the gap up bottom and then reversed up. Webby said that if he were in a buying mood, that is where he would have bought today, but due to market and election, he is holding off.
WGS is forming a shelf. It has been doing this all the way up. I bought a position today.
Sezl broke out of a consolidation pattern today but it reports tomorrow. I bought a small position.
Watching FTAI They are in a consolidation pattern.
I sold out of ALAB before earnings, I had a 40 percent gain and did not want to lose it. I am still trying to think that one over. I probably should have held half instead of selling it all.
ADMA I have a position. Their CFO resigned and they lost their auditor but just picked up a new auditor (KPMG). I am hoping that with the new auditor that they do not have any problems. We will see, it would not be good if it was a SMCI sort of thing. It came out of a cup like pattern and formed a small handle. It reports tomorrow.
AS I have a position in this when it broke out of the cup. But it is forming a handle now and then hopefully takes off. Recent ipo
Yes, with a 40% margin, keep at least half, but with that much margin and the strong right side of the base, keeping all would have been fine (easy to say now). There were 2 recent ants, but that can also signal a near-term top.
Speaking of AI related stocks, ARM reports today after the bell. It is hanging on the 50dma, no real movement today. I might take a small gamble on that.
Notable earnings reporting 11/7: HUBS, DOUL, VERX, NET, SQ, TTD, ANET, AXON, VST.
DDOG after hours today.
$VST just bounced off the 50dma and is building a base on the recent base. Note that CEG tanked after recent earnings.
$MELI is just below a buy point.
$NET has a 6 month cup with handle, just bounced off 50dma and broke a downtrend, and has good IBD rankings. Might be worth a gamble.
$DUOL has been crushing it. I am using DUOL for Spanish and am actually paying a yearly subscription to avoid ads and limitations, and that is rare for me to do.
With the market blasting off, there is a danger of FOMO buying, trying to avoid that. I have been building a non-IBD position in small caps, so that has been nice last few days. Many of my IBD stocks have popped nicely as well.
Are you still holding APP? Looking good. Odd reversal today but still above 10dma.
Yes Pete I still have APP and am riding the whole position into earnings. I am up 78 percent in it. I really want to position trade so I need to hold my positions longer if they are working out. It is over extended and needs to pull back to the 21ema and let the 50sma come in.
It’s funny how everyone wants ALAB now and I was in early. The more I think about it that was a mistake to let it go but Oh well better to come out with money than losses.
