While the markets were trying to hold on Friday, we had several nice trades including a nice overnight 44% gain in options on CBOE. Our members did very well in names such as CRON, IRBT and SPY. Thanks to our ability to interpret the StochRSI on the Daily and the 4 Week New High / New Low Ratio charts (see charts below) we were well positioned for the expected pullback by taking profits.
✅ U.S. futures formed a Hammer on Friday after approaching the 2675 level that we had been looking for. The StochasticsRSI shows that we may have another couple of days left in the current pullback. Be patient and wait for your setups.
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✅ As you can see on the 4 Week New High / New Low chart, we remained in the “Pullback Zone” since the 4th of January but made a sharp break lower on Thursday followed by the pause on Friday. Note that the T2122 indicator does not tell us how long
✅ Our focus remains on earnings stocks and those that are “on their own page”. Right now, this is just a pullback in an overall Up trend so we will not be overly aggressive to the short side … at least for now.
Notable Earnings 2/11/2019:
✅ The only Notable earnings on Monday is AVYA; however, we have several tech stocks that report later in the week.
✅ Monday’s Long watchlist includes: ARWR, BAX, EFX, GLD, LULU, MA, MAT, MCHP, MDCO, ROST, SKX, SNAP, SYY, TRU, TXN
✅ Monday’s Short watchlist includes: BECN, BIG, KSS, SSW
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