3 Stocks I'm Watching for 7/13/17

Ferrari broke out to all time highs on huge volume today. I'll be watching for an early morning shakeout to get into $RACE. RSI is getting a little overheated on the daily chart for $RACE, but overbought conditions don't always mean a move is done (just be careful to watch for any major reversals).

GrubHub Inc. popped higher out of its recent range by ~3.5% today on an analyst upgrade. Watching for a continuation and potential retest of all time highs around $47.75 in $GRUB. I admittedly don't like how $GRUB closed below it's opening price, but this may provide a better entry going into tomorrow.

Twitter ran up over 3% today on above average volume. It is primed to retest its near term resistance at $19.50. I took a position at the end of the day at $19.25 in $TWTR.  If we close above the $19.50 area, the next area of resistance isn't until slightly above $21 in $TWTR.

3 Stocks I'm Watching For 7/12/17

Puma Biotechnology broke out back in May of 2017 around the $45 area & has been digesting that parabolic move ever since. I'll be watching for a close on the hourly chart at ~$88.50 for an entry in $PBYI. Earnings are scheduled for 8/7 for $PBYI so we have some time to own this one before that date.

Celgene Corporation is one of the top holdings in both major Biotech ETF's ($IBB, $XBI). $CELG has formed a bull flag on its daily chart from it's most recent breakout of the $125 area. I'll be watching for an hourly close above $133 on volume for an entry in $CELG.

Square, Inc. broke out today over the $24.78 area on above average volume. You commonly see stocks retest their breakout areas, so I'll be watching to see if $SQ comes back in close to $24.78. RSI on the daily chart above is still only around ~65, so not quite into overbought territory. This tells me $SQ could have a lot further to run up.

3 Stocks I'm Watching for 7/11/17

New Oriental Education bounced off it's 50 day moving average & closed over 3.5% higher today. The only reason I did not take a position in $EDU towards the end of the day is because the volume was just average, thus giving me less conviction for a continuation play. I'll be eyeing the ~$74.25 area for an entry tomorrow in $EDU. This is a Chinese Tech play.

Tesla has been in the headlines a lot recently dropping from the ~$386 area to around the $300 level in a matter of a few days. $TSLA looks to have potentially formed a near term bottom & I'll be watching for a break above $318 to take a position. It's personal preference, but I will wait for an hourly close above this level before taking a position. There are tons of eyes on $TSLA given the media attention surrounding this company, so it may be a bit of a tricky trade. Risk/reward favors the bulls at least in the short term around this area.

Facebook has been rangebound for the past few months. I'm watching for a break & close above the $155 area in $FB. $FB is one of the most fundamentally strong tech names, which leads to a number of positive catalysts that act as a tailwind to this stock.

Good Luck & God Bless!

3 Stocks I'm Watching for 7/10/17

Applied Optoelectronics has been one of 2017's best performers. $AAOI had seen a nice correction over the past few weeks and bounced on volume from a rising channel trend line. $AAOI is not for the faint of heart, as its beta sits at 2.82 (in laymen's terms this means that this stock is 2.8X as volatile as the overall market). $AAOI also is not liked by everyone, which may be the understatement of the year. A cool FIFTY THREE PERCENT of the outstanding shares are SHORT. I took a position at the end of the day on Friday @ $67.33. I'm guessing the short squeeze continues & my first target is the low $70's. I'd recommend buying on any pullback over the next few days.

The US Home Construction ETF closed above recent resistance at $34 on good volume. The chart looks pretty choppy, so beware if we reverse on Monday. I'll be watching for an entry around $34.25 on $ITB.

FireEye has been trading in a tight range between ~$14.50 - $16.00 & got a nice bounce on the back of an analyst upgrade to Palo Alto Networks (one of FireEye's competitors). It also closed over both of it's shorter term moving averages, which is another signal that higher prices are likely. I'll be watching the $16 area for a breakout in $FEYE.

3 Stocks I'm Watching for 7/7/17

Corium International brokeout today on greater than 2X volume & closed at 52 week highs. That's not bearish. Watching this for a continuation play. Small Cap Biotechs & Financials were really the only stocks catching a bid on my screens today. I took a position at the end of the day in $CORI at $8.91; my stop is currently placed at $8.26. If we get a gap up tomorrow, I will likely sell into it as I don't like holding such thinly traded names for too long.

Calithera Biosciences is being carried over from yesterday's watch list. $CALA gave me an entry at the market open, but I missed it. For risk management purposes, I try to give the market at least 30 minutes from the opening bell before making any trades. Unfortunately, that means I miss a lot of good setups/entry points. I'll be watching for some sideways consolidation/slight pullback to digest the most recent gains. I will be eyeing the breakout area for an entry around ~$17.50 in $CALA.

Valeant Pharmaceuticals has been digesting its recent run up nicely by trading in a very tight range. $VRX may need some more time to cool off before it's next run up. This stock traded in the $260's not even a full year ago; so the upside remains tremendous. $VRX is permanently on my watch list now that it's formed what appears to be a long term bottom. A close above $17.00 on good volume will have my full attention. It may want to close the gap on the daily chart around ~$15.80 or even trade back to test it's 200 day moving average around $15.25 before it resumes it's uptrend.

Good Luck & God Bless!

3 Stocks I'm Watching for 7/6/17

Jazz Pharmaceuticals was down slightly today on low volume, but its daily chart looks primed for a breakout above heavy resistance around $160.
I'll be eyeing the $158-$159 area closey in $JAZZ before I put on any position. Biotechs have been hot in the past few weeks, & I'm looking for that trend to continue.

Calithera Biosciences closed at a 52 week high today on strong volume. RSI is still not in the overbought territory (>70) on the daily chart. I'll be watching for a continuation play if it can get above today's high of $17.90. $CALA could also retest it's breakout area of ~$16.50 before it resumes higher.

I'll also be keeping a close eye on the Nasdaq tomorrow (holding overnight positions in both $AMD & $PYPL). The Triple QQQ's have been getting hit pretty hard in the past few weeks after a prolonged period of out performance earlier in the year. It was a nice bounce back today, but 1 day does not make a trend. It will be a healthy sign if the $QQQ can regain & close above it's 8 day EMA around ~$138.25 tomorrow.

3 Stocks I'm Watching for 7/5/17

$BLK closed at a 52 week high on Monday albeit on below average volume.  Financials have shown strength/seen a lot of sector rotation in the past week.  $BLK is still holding above its 8 day EMA.  RSI is perking back up after some sideways consolidation.  Looking to go long with a pullback to the $427 area; stop with a close below ~$424.39.  

$GM broke out of a recent range & closed above $35.  There doesn't appear to be any real resistance until the $37 area.  The volume on $GM was a little light although it was a short day Monday.  I'm looking for a pullback to the $35.45 area for an entry.  I'll be risking ~$0.50 or about 1.5% if I take a long position.  Any close below $35 would be my exit for $GM.

Chicago Bridge & Iron had a huge run up last week based on a favorable court ruling & appears to be forming a bull flag.  I'll be stalking $CBI hoping for a break of both short term moving averages on the Hourly Chart above (currently around $19.62).  If we get a close above both the 8 & 21 hour EMA, I'll be looking to get long with a tight stop.