Bitcoin on the Brain

Sunday 11/26/17

Super Sunday

Overall Market-

Stocks were higher just before the close of the truncated trading session. The consumer sector led gainers as retailers were poised to enjoy the best shopping season since 2007. Desjardin attributed this to improving consumer confidence, helped by a healthy job market, record gains in US stock markets and environment of low interest rates and tame inflation. The report was published on the day after Thanksgiving, which traditionally marks the start of the holiday shopping season.

Trading sessions held well through low volume on Wednesday session and Friday's shortened trading. Expect volume to return on Monday. Last weeks price action can quickly be erased, institutional money will most likely ignore price levels from those low volume trading sessions.  

Seasonal tailwind should continue to carry us swiftly to new highs.

Swing trading will remain my focus through the what I am hoping will be a fantastic Santa rally this year.


VIX (Volitility) Level acceptable here for overall market. Daily chart looks ugly due to some awkward price action on friday. New year low here but technically speaking it holds no real strength.

NVDA Price target upgraded ($250) long term buying opportunity. Running with market, I will likely not get my add here. Great grind on this name. Setting up for breakout here.

FCX (Freeport) (no change) Grabbed some shares here $13.84, this is $0.20 higher than my ideal entry. Only 1k size on this position. Did not alert this trade for our service, feel a bit like I'm chasing here but I do believe in a move higher on this name.

CHK  (Chesapeake) watching price levels $3.50, $3.60 & $3.80 for potential entrys for long. Pivot $3.50, key long term resitance in that area.

XLE (SPDR Sector energy) Price levels here showing money flow remains in energy. Keep in mind low volume days could be painting a false picture here.

AMD  (Advanced Micro Devices) Alerted here at $10.90 (11/15/17), stop $10.50, removed 1/3 position at 20dEMA $11.70. Price needs to move and close above $11.50 before we can move higher. $11.50 showing to be an issue here, also moving averages on the hourly are stacking up. We will most likely breakout or breakdown from here.

SNAP (snapchat) Forming a new lower channel in this price range. I will continue to look for a short here, I am short bias on this name regardless of price action for now.

TWTR (Twitter) Update: Still holding $500 shares here, price action is strong up almost 1.5 points since entry. Great breakout on daily. Expecting some consolidation here before another leg up.

 

 

Trend Watch

  • $IMGN a Bit of price recovery here after holding and testing $5.63 support.
  • QBAK back at breakout level here, keep on watch
  • $HMNY - Still own 500 shares at $13.40 here. Stop now at $11.00. Trend is strong, this may end up being a strong buy, time will tell. Price action remains very strong here. Bulls are grinding this one. Waiting for breakout.
  • $ONCS Back in price range for trading. Needs volume. Key levels $2.23, $2.55, $2.85

 

  11/19/17 low float plays

  • MARK Update: daily looking weak , RS/I way overbought here. needs to cool off.
  • LBIX will look to enter, like price action here, stop $1.50
  • TNDM  Update: price not able to break $3.00, price action remains some what bullish, some down grades released today weighing on price.(Breakout potential above $3.12 level. Technical indicators showing opportunity for longer term bullish move. gap fill play here is still very much possible.)
  • EKSO Price pulling back to fib level %61.8, like this as a pull back to enter for a new long stop is $2.45 for me at 50ema on the 4 hour chart.
  • EGLT great price action here, looking for a long over $1.31 for a breakout here.
  • CLSN Looking to enter with volume, stop around $3.00 level.

 

BITCOIN/CRYPTO WATCH!

Bitcoin reaching new highs, expect all low float plays associated with this sector to move FAST. I will be looking at the following names for a chance to see exceptional gains. Please note any play here can and will breakdown fast as these are sympathy plays, there is no real value here for nearly all of these names but they are moving as bitcoin moves. All of these names are already well over extended but an additional %50+ is possible with irrational retail traders buying anything associated with blockchain/crypto.

  • GROW: blockchain tech play, recent earnings beat. huge breakout friday.
  • TEUM: breakout play over $1.20
  • SRAX: $5.79 support
  • RIOT: $18 "support"
  • MARA: Extended, unsure of price levels. Use volume to trade.
  • DPW: breaking over $1.25, this is being thrown around in crypto talk, take it for what its worth.
  • XNET: Trend is strong here. Price and spreads are volitile here.

 

Low Float/Small Cap momentum-

Momentum is very strong in blockchain related stocks. These names are irrational and the money flow for retail is clearly chasing volume. I personally do not believe in the actual value of the companies in this space but they are creating fantastic price action for day trading.

Pay attention to the spreads on these tickers, some of them have been upwards of $.035/share. Size accordingly.


Momentum disclamer:
Use caution when trading these low float names, they can crash even faster then they rise. Lock profits and do not look back, never play the "what if" game on these names. You can be up or down several hundred or THOUSANDS of dollars in minutes and in the case of a T12 material halt, you could be in for massive pain or worse be trapped in a position for days or weeks until material evidence is sufficient to remove halt.
 

Closing Notes:

I hope everyone of our members had a wonderful holiday and spent time with loved ones. I have not had a lot of screen time since last Wednesday, as such I will be trading low size and getting back in the flow on Monday.

We are entering a statistically profitable month for the market. lets capitalize on momentum and sentiment. November has been a wonderful month with great gains. I will not risk much of my gains in this final week.

Rebuilding my personal momentum with the market will be my key for this week. Get in flow with the market and close this month strong. This will lead into a strong December with momentum and more gains for everyone in the market.

Good luck team, Remain humble and hungry!

Disclaimer: We are not responsible for losses for any reason. We are just an investing club here, seek financial advise from a professional before acting on any of this information. This information is strictly my opinion and what i am seeing in the market. The information above is not a trade recommendation to buy or sell. I am not a licensed broker, dealer or finical adviser. Trading comes with considerable risk and my not be for everyone. Past performance is not indicative of future performance. Never trade with money you can not lose and paper trade to prove profitability before using real money.