With the Greek Crisis seemingly behind us & what appears as Chinese market stabilization taking place, the focus has turned to Earnings season in the US. Earnings season has begun with a bang. All of the major banks (JP Morgan Chase, Bank of America, Citigroup) as well as other behemoths like Google & Netflix, have beat expectations by a wide margin. At this point we are almost priced to perfection, as the Nasdaq closed at all time highs on Friday (with the S&P also only nominally below it's all time highs). We aren't technically in the extreme overbought zone on the McClellan Oscillator, but are getting close. I'm leaning slightly bullish, but with a wary eye. I took off all open positions on Friday since I didn't want to carry any risk into the weekend after such a large run up the past 5-6 trading days.
Taser International Inc., looks like it wants to test it's all time highs in the $35-36 range. $TASR popped last week on the Chattanooga shootings & is sitting right below it's breakout range. MACD received a bullish cross on Thursday after the tragedy, Stochastics is pointing up but not overbought & RSI is in a bullish range as well. I like this above $34.25 with a stop placed at $31.70. Earnings are 7/28.
Box Inc. just IPOd back in January of this year, so it is a fairly new issue. $BOX is in the Technology sector, which has been red hot on the backs of the Google & Netflix earnings last week. The chart above shows that there is very firm support in the $16.50-$17 range. It has tested that support area six times & held on each. Recently it has been acting better & closed on Friday at $18.74. I like this above $18.95 with my first target being $20.60. If it can close above $21, it could really squeeze the shorts (over 27% of the shares in float are shorted, which would take over 6 days for all to cover - Short Ratio is currently 6.10). My stop will be placed at $16.35. Earnings are 9/8.
Cal-Maine Foods, Inc. had a major breakout of the $45 area & ran all the way over $60 back in May. $CALM has digested this move for the last few months & now looks ready to retest it's previous highs. It closed Friday right below it's 50 day simple moving average. MACD just had a bullish cross & all other indicators are perking up. I like56 this over $54.10 with a stop placed at $50.50. My first target is $56.
Garmin Ltd. got hammered last Thursday after giving a very disappointing outlook for the upcoming year. The chart above shows that it fell on huge volume Thursday. MACD & Stochastics have a bearish cross & RSI is barely oversold on a very short term time frame. I am looking to sell $GRMN below $42.66 with my stop placed at $43.50.
Best Buy fell a weak sales report last Thursday. The chart shows $BBY tumbled on big volume. Stochastics had a bearish cross & is pointed straight down with RSI just shy of Oversold territory. I am watching to sell this below $32.56 with a stop at $34.40 (right above the gap down & 50 day simple moving average). Earnings aren't until 8/24.
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