Monthly Archives: September 2011

Amazon short idea to ponder.

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I am short $AMZN at 218.17 and looking for my baby to break down. 219.75 is support with the 20ma just over price at 223.59 to serve as some resistance. It is just amazing how well this has held up the past couple months. Today they came in hard and dumped it to the tune of -18 points, along with all the other “Mo-Mo” names. If the lows of 216.29 are lost, it should get hit again at least to the 50ma at 211.75, which is my first target for this trade.

It’s going to depend on overall market direction on Fryday. If the market breaks new lows soon,  look for 206.20 and then the gap fill at 199.27 I am only in with small size so I may add to it tomorrow.

SPY Read for the day W/Video

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115.77 is support on the $SPY . We have tagged 118.72 in pre mkt. 119 proved to be a wall yesterday. The 50ma comes in at 120.45 and is also near the top of the wedge. The big resistance does not come in till 122.08. “If” we can break out of this to the north over 122.08 I would expect a fast rip to at least the 100ma up over 125. There is a “Kirby” from 121.55-125.40.

 

SPY Read for the day

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The bears have let us back into the wedge. $SPY 115.77 is support. We have tagged 118.50 in pre mkt which may give us some trouble early on today, I see it as a level of interest today. The 50ma comes in at 120.70 and is also the top of the wedge. The big resistance does not come in till 122.08.

Chipotle might be looking for the border.

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$CMG caught a nice bounce on Fryday on the 50ma. Has support at 312.80 as well. This beast will follow the market. If we bounce then looking for a rip up near next resistance of 328 where I would take most if not all off. In the market is beastly then this can easily push higher through that. Now if the market decides to roll over here, shorting the loss of 312.80 support will work. This one can fall hard and fast. First target between +5-+10, I would peel most off for cushion there before deciding to take home as a swing. The next support comes in at 293 for a +20 trade in a bloodbath day of a market, Potential big trade here.

 

Akamai is a potential beast

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$AKAM is a potential beast setting up here. Long term resistance at 23.55 with the 50 ma just overhead at 23.80. A HUGE gap/Vacuum is setup from 23.60 and opens up even bigger at 25.25 and ends at 28.75, also key to note is the downtrend line comes in around that 25.25 area. The actual gap-fill is at 29.48. Once this clears 23.55 it can push hard all the way to next Major resistance at 29.15. The 20ma is at 21.40 and would be my absolute max pain as a stop if lost.

 

Netflix Deadcat bounce trade plan

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The low on $NFLX was 129.37, I am looking for that to break and fall to the gap-fill of 125.52. Now I might want to scalp it down there, but what I am really looking for is the break back over the lows of 129.37 to get long as even maybe a swing. This is a low floater heavily shorted name that has yet to begin its dead cat bounce. If trade works like I think it can we can put a stop under the lows of the day with the 129.37 entry looking for 150-155 fast. Knife catch? Yes. Easy risk reward idea? Yes.

SPY Read for the day

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$SPY First touch of the 50MA was denied. This is normal!!! Would be nice to see the 20MA at 118.59 hold, and run back at that 50ma. Then by breaking over MAJOR resistance of 122.08 and clearing that 50ma, we are in a sweet “Vacuum” Pocket, which doesn’t end until 125.35, which is just under the next Major resistance of 126. I also would have no problem with retesting Major support of 115.77, as it would create a higher low. Stand by my call that the low is in for the year. Nice capitulation volume. I am still long Jan SPY 120 calls from then. I sold half +88%, and letting them ride.