Regional banks and shipping stocks received a lot of volume interest today, so I’ll watch tomorrow for continuation. Careful, if you jump in right as the market opens, you may see a fade out of these sectors as investors start looking at tech stocks thanks to boomin Apple earnings.
In shippers, I’ll be watching DSX, EGLE, DRYS, and PRGN. These may not be great companies, but I only want them in the short term on momo. I’ll visit them 30 minutes, or so, after the open.
Regional banks really flexed their muscles today. WOW. Then, after hours, DEAR blew up over 90%. Gotta watch this sector on Wednesday.
- RF testing recent highs – needs to clear 8.92
- BPOP is building a nice flag here. A volume spike could push it over 4. NOTE: I’m long 3.85.
- SNV sitting on SMA20. We need to see a move back up before taking a position. If you do enter here, you’ll need a tight stop just in case this support doesn’t hold.
- TSFG – I haven’t looked at the earnings report, but clearly it was bad – down almost 30% in after hours. If it holds SMA100 in the morning, it may present a scalp opportunity. However, this is not a buy at the open play, in my opinion. Need to see where it bottoms.
- PRWT – very speculative scalp… let’s get up in that .83 / .84 range and then start talking about a possible run to SMA100.
- FBP – Trying to form a triangle consolidation after a huge retrace. Worth watching for possible run.
How I’m looking at Apple – After that ridiculous earnings announcement, there is no doubt that it will gap up in the morning. The problem is that the gap will lead it into unknown territory – all time highs. I will not buy at the open even though I want to own every product they make. Instead, I’ll wait and look for it to test previous highs – that $251ish range. I want to see what it does there before I buy anything. Eventually, I will jump into AAPL, but I want $240s in the near term to allow for possible swings.
Others I’ll be watching:
- PKD on SMA200 support. This stock has a tendency to make sustained moves that last a week a two, so I’m looking for the reversal here back up.
- PVX – Busted through SMA50 today and horizontal resistance. Will evaluate tomorrow to see the move is sustained.
- DPTR – Something feels right here. Not sure what it is, but I have it on my radar. This channel staircase up looks pretty good to me.
- SAY – I got hurt in SAY recently, but the triangle setup can’t be ignored, the breakout would be somewhere over 5.67 tomorrow.. Don’t see it in the near term, but watch this one for possible volume opportunities.
- PWAV continues to be strong.. only red flag, decreasing volume on improving price. If we see strong volume, it could bust out of this flag.. Possible scalp here, too, when you look at that large intraday range.
That’s all for now. I won’t be spending a lot of time in the boom factory this week, but I’ll try to post any moves I see or trades I make while I’m away. Have a great day tomorrow and keep those stops tight and let the winners run 🙂