Bought MYGN this morning at 17.21 on continuation through this week’s high price of 17.18 from Monday’s trading session. Added this to watch yesterday due to the astronomical volume and from here looking for the stock to reach 20 before making a new 52 week low.
Today’s volume in MYGN is something to take note of and I think it might be sign of a reversal about take place. The stock traded 12.9 million shares today versus a 10 day average of 1.8 million. Wednesday, 2/8/17 and Monday, 2/13/17 each saw major buying as well trading 6.5 and 5.2 million shares respectively. Given the stock has been beaten down nearly 50% in the past 12 months and has been oversold on a daily, weekly, and monthly timeframe recently, I think we could easily see MYGN move back to 20 in the next few weeks with continuation over recent highs.
- 2/15/17 update- Long MYGN at 17.21
Bought QCOM today shortly after the open on continuation through Friday’s high.
More to come.
QCOM caught my eye after Friday’s trading session and looks to be presenting a pretty good opportunity for a low risk trade to the long side. Noting this as purely a technical setup as earnings are out of the way until 4/19/17. The stock looks to be forming a base with today being the first close above the 8EMA since the recent sell off. QCOM closed on Friday at 54.00 and had an intraday high of 54.28. The stock has plummeted so far in 2017 from the mid 60’s to its current level at 54. January 23 specifically I look at as the day of panic selling or capitulation due the major gap down from the 60’s into the 50’s. QCOM traded over 94 million shares that day, a volume of which the stock has not seen since April or 2010. That’s a serious amount of shares changing hands.
Along with the bullish candlestick demonstrated from Friday’s price action, QCOM is just beginning to come out of oversold stochastic territory with ascending volume. If it can cleanly break through Friday’s high of 54.28, I’d be interested in opening a long position in the range of 54.35-54.40 with a target of 58.67 (which is the high from the January 23 gap down day) and a stop beneath 52.37 (February 2017 low from 2/2/17).
Also worth noting, QCOM goes Ex-div ($0.53) on Monday, 2/27/17. May be willing to risk/position size slightly larger knowing there is a chance to catch the dividend. Let’s see how the stock goes on Monday.
- 2/13/17 update- long QCOM at 54.41
Disappointing to sell a stock for a loss on a week that all major averages closed at all time highs. Sticking to my original game plan for AOBC, sold the full position at 19.80 on Tuesday 2/7/17, which represents a 4% loss.
Today’s session closed at 20.00 for AOBC which is dangerously close to my stop area of 19.89. Still hanging on as per my original trade plan, and at this level I think the stock presents an excellent reward-to-risk ratio with about 20 cents downside and upside potential of a point or two. Did I think it would pull back to 20 after approaching 22, on 2x average volume as recently as last Tuesday 1/31/17, absolutely not. But definitely going to respect my stop and cut my losses if the chart breaks down and AOBC moves towards the low 19.80’s. Sure could be a good spot for the stock to find a bottom around here. Let’s see what the rest of this week brings.
Sold NVDQ on Thursday 2/2/17 at 6.21 for a loss. Taking a closer look at what happened here, for starters losing trades are miserable but they happen. But, glad that I stuck to my game plan– i.e. position size was relatively small. One winning trade has the potential this and another losing trade. Bought the stock on 1/25/17 based on the bullish candlestick, high relative volume and ovesrsold stochastic. I was using the low of 6.25 on 1/19/17 as my stop level and looking back, perhaps I should have given more consideration to the gap down below that level which occurred on 1/11/17. Same story from the HTZ loser in January. As a takeaway, giving more consideration to any recent gap down beneath the area I’m using as support. Not likely to take such a trade in the future.
Impressed with today’s action for ZUMZ, on a day the S&P 500 was down .6% it was nice to see ZUMZ rally 3.98%, especially the day after I added to my position. Not jumping for joy at this point, but with a bullish view on ZUMZ it was positive to see today’s bullish engulfing candlestick. With ZUMZ closing at 19.6, I have a bit of breathing room from my stop (18.2, low from Tuesday 1/24/17) and starting to envision ZUMZ approaching moving up a couple points to take profits.
Have been holding AOBC and NVDQ since last week. Shortly after the open today, purchased AOBC at 20.25 bringing my average to 20.62. From here, using the area of 19.89 (last week’s low) as my stop and targeting around 22 to take profits.
- 2/6/17 update on AOBC- Hanging on by a thread
Also bought NVDQ this afternoon at 6.48 bringing my average to 6.85. Looking at 6.25, the low from 1/19/17, as my stop area. Still targeting around 8 to take profits.
- 2/2/17 update- Closed out NVDQ for a loser- What went wrong
Added shares of ZUMZ on Friday 1/27/17 at 19.30 and then again at 18.95 bringing my average to 19.60. ZUMZ opened at 19.45 which was the high and had a low of 18.35 on Friday. Not loving the price action at the moment after hard selling on Friday, but ZUMZ managed to hold above the Tuesday 1/24/17 low of 18.20 which is my stop area. Initiated the ZUMZ position on Wednesday 1/25/17 after continuation through Tuesday’s high and since then we’ve seen nothing but selling pressure. Expecting the stock to bounce off the low 18’s and continue higher, but if it fails then cutting my loss and moving on.
- 1/30/17 update- Down day in the market- Good price action for ZUMZ