Trade Ideas: PPL, IDA,HE, CNL, ATG, IYZ, GGG, NFS

Markets nicely held yesterday's gains, without the swift reversal typical of big counter rallies in a bearish decline. Don't expect much change on Monday given it will be treated like an extended holiday - but Wednesday will see what really gives in this market. Bears will be looking for a post-window dressing sell off. Bulls will happily take a quiet, low volume day.

The Trade Ideas scan was still churning out stocks after hours. The most recent 8 are given below. The scan still provides plenty of options for the buyer.

Some very nice basing action in the likes of PPL, HE, CNL, and ATG.

IDA has a weekly pennant which should break upside. IYZ broke upside from a bullish flag. While, NFS has been hugging the 40-week MA as part of its advance.

Take your pick.





If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.

Popular posts from this blog

S&P "Bull Trap"?

Image
I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200.  Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed.  The index is also underperforming relative to the Russell 2000. 
Read more

"Black Candlesticks" are a concern for the S&P and Nasdaq

Image
A bright start for bulls on the back of positive $NVDA earnings wasn't enough to generate a day of meaningful gains.  However, it did help stall the losses of the last couple of days. The Nasdaq was the biggest beneficiary of today's action, but not enough to see an end-of-day finish that cleared last week's swing high, nor delivery of a large white candlestick, despite the morning breakout gap.  Technicals are net bullish and relative performance against the S&P has become consistently stronger since the start of May.  While today's candlestick I would view as typically 'bearish', today's volume ranked as confirmed accumulation (bullish). Overall, I would be looking for higher prices from here. 
Read more

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Image
The Nasdaq started brightly but ended up closing below its open price, but above yesterday's close. The S&P did something similar, although the intraday range is narrower. These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P. And the new MACD trigger 'buy' for the S&P. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices tomorrow.
Read more

Archive

Show more