TSLA Update – December 11, 2017 …

TSLA just took out the prior pivot high that I was talking about last Friday (click here).  I have begun positioning for the next move lower by selling Dec 29th $355 calls.  I have started small as is typically the case and will add to the position over the next couple of days.  I received a credit of $0.90/share.  I typically also day trade/follow a stock more closely while I am waiting for the pivot high and change in trend direction to get underway in earnest.

I will be tweeting/posting when I become more convinced that the new trend direction has begun.  The stock may stay elevated until year-end, but I don’t think we are going to get above $350 before year-end.

Cheers … Leaf_West

AMZN Update – October 23, 2017 …

Earnings are scheduled for after the close on October 26th for AMZN … I posted on October 18th & 19th (click here) the reason why I had started a bearish position on AMZN and today’s close saw AMZN push right into the area that I thought would hold going into the earnings report.  Here are the updated daily charts …

AMZN – Daily Chart #1

The daily ATR support level and the lower parallel line are right here where AMZN closed today … I think this level will likely be where AMZN is going into its earnings report this week.

AMZN – Daily Chart #2

I suspect that any bounce coming out of the earnings report will be the bounces I will be looking for to get more aggressive in shorting AMZN.  I have a Nov 24th weekly put spread (1000/980) that is trading at about $13 currently vs the $8.72 I paid on the 18th.  Max profit is $20, so I will see where AMZN is trading tomorrow to see if I want to take partial or entire profits before the earnings on Thursday.

Cheers … Leaf_West

AMZN Update – October 19, 2017 …

I wrote an update on AMZN yesterday that raised the possibility of the stock making a possible Wave 2 high of a new possible trend or at best a Wave 2 high of a large sideways consolidation pattern (click here).  The stock is about $13 below where it was when I wrote that blog post and it looks like it is possibly testing a break of the weekly broadening price pattern that I have been tracking for AMZN.

You might say … whoop-t-do, price is breaking some imaginary price pattern!!  I say beware when price breaks price patterns, because it could be the early warning of a change in trend.  Here are the charts … Continue reading

WFC Update – October 3, 2017 …

Here is the bigger broadening pattern that I have been tracking since late 2016 …

WFC – Weekly Chart

The broadening pattern seems to be giving traders good levels to trade against … I think that the median line will act as resistance here.

WFC – Daily Chart

The daily chart shows that price is extended here as we push into that weekly pattern’s median line.

Cheers … Leaf_West

NFLX Update – October 2, 2017 …

NFLX reports their quarterly earnings after the close on October 16th.  After a huge July monthly move, the past two months have seen NFLX consolidate around the high of that large range monthly candle.  Which way will price go … I think that we should get some volatility in either direction regardless of which way it ends up going.  I would have to think that downside volatility could be a bit more vicious, due to the length of the upward run so far, but I remain open-minded.

You sometimes get the MoMo tech names to run higher into earnings, but maybe, NFLX will actually pullback into this next earnings report. Continue reading

A Look at the Equal-Weighted NDX/SPX Indicies …

The McClellan Summation Index continues to push higher today showing that there is more buying pressure than selling pressure in the market currently … however, a look at the equal-weighted major indexes point out the fact that the leadership in the market is drifting to a smaller and smaller list of names.

NASDQ 100 Equal-Weighted Index – Daily Chart

S&P 500 100 Equal-Weighted Index – Daily Chart

We will have to see if these potential Head & Shoulder chart patterns actually play out as we go forward …

Cheers … Leaf_West