Stocks to watch $MU reports today, $GBLX continues to move, $ROKU is on fire and $BHTG is poise to move higher in the next month.
Winnebago Industries Inc (NYSE:WGO) Heads South After Earnings This morning, leading recreational vehicle (RV) manufacturer Winnebago Industries Inc (NYSE:WGO) is coming under selling pressure after reporting earnings. The RV giant traded as high as $58.65 at the open before rolling over. Currently, WGO stock is trading lower by $4.20 to $53.20 a share. The daily chart pattern is now signaling a high volume reversal day (bearish engulfing bar) and this should lead to further downside in the coming trading sessions. Traders should now watch for important daily chart support around the $49.00 level. This level is where the stock broke out of a weekly chart base in mid-November. Nicholas Santiago InTheMoneyStocks
Major Short Swing Trade Level Approaching On Freeport-McMoRan Inc (NYSE:FCX) In the last two trading weeks, Freeport-McMoRan Inc (NYSE:FCX) has spiked almost 25%. This recent spike higher has been on hopes of economic growth in 2018 due to corporate tax cuts. However, the underlying commodities like gold and copper are not confirming this move. While I would not short Freeport-McMoRan Inc yet, there is a quickly approaching major level. The level is around $18.75 and is found by connecting the highs from late 2015, late 2016 and early 2017. When connected, this trend line gives you a dead swing trade short level of $18.75. Shares of Freeport-McMoRan Inc are only a little over a Dollar away. Every past hit of this trend line has caused a massive drop in the stock. Ready to lock and load a short here, heads up. Gareth Soloway InTheMoneyStocks
Why I Am Considering A Short On Intel Corporation Shares of Intel Corporation (NASDAQ:INTC) have rocketed higher in recent months after earnings showed signs of life. However, the run may have just topped out. Note this trend line stretching back to 2012. I am starting to look more closely at a swing short trade on shares of Intel Corporation. The pull back target in 2018 would be $38.00. Part of me thinks it could pop to $50 into year end, but anywhere between $47.50 and $50.00 is a solid accumulation short zone. Gareth Soloway InTheMoneyStocks
$AA approaching double top on the daily stock chart. Putting it on my watch list for a quick swing short. -Gareth Soloway
On Watch For Breakout In Shares Of Intercept Pharmaceuticals Inc Shares of Intercept Pharmaceuticals Inc (NASDAQ:ICPT) are hammering on a breakout trend line at $62.50. Should the stock push through, it will likely surge to as high as $66.50, perhaps within a day or two. Definitely a chart investors should be watching. Gareth Soloway InTheMoneyStocks
Carmax Inc (NYSE:KMX) Steered Off Course After Earnings Today, leading used auto retailer Carmax Inc (NYSE:KMX) is sinking lower after reporting earnings. Currently, KMX stock is trading down by 4.29 percent to $65.55 a share. The stock is now trading slightly under its important 200-day moving average which is a bearish indication for the shares. Traders must now look at the $61.50 as the next major chart support level for the stock. This support area is where the stock was defended in June 2017. Very often, the institutional traders will support an equity when it retests and retraces into important prior levels. Keep this support area on the radar as that will be where I look to get into KMX stock on the long (buy) side. Nicholas Santiago InTheMoneyStocks
Semiconductors Send Out Warning Signs $SMH Semiconductors have led this market for almost two years. The upside move on the semiconductor ETF $SMH has been insane. However, in recent weeks something major has changed. The semi's have rolled sharply, even as the stock market makes new all-time highs. This should be a big warning sign not just for the semi's but for the entire market. While end of year window dressing and light volume may keep the markets at all-time highs, it is likely there is trouble brewing in early 2018. In addition, the semiconductor index has a classic bear flag formation and is unable to get back over the daily 50 moving average. I have it penciled in that the semiconductor ETF SMH will see another big leg down in the first quarter of 2018, hitting $89.75. This is another 10% drop in the index. For investors, just simply compare the chart of the semi's before from the start of 2016 to November 2017. Then compare and see the divergence in December. It is shocking. Note the chart below. Gareth Soloway InTheMoneyStocks
Key Chart Support Tagged On Edison Intl. (NYSE:EIX), Bounce Expected As fires ravage California, shares of Edison International (NYSE:EIX) take a beating as well. While the hardship of those living in the fire zone will likely take a long time to improve, it appears things may be about to turn for Edison International. The stock hit major support today at $63.00 and will likely see a bounce as early as tomorrow, lasting into the new year. Look for a snap back swing trade to $70.00. Gareth Soloway InTheMoneyStocks
Square Inc (NYSE:SQ) Breaks Key Support, Here Is The Downside Target Shares of Square Inc (NYSE:SQ) broke major support today at $35.75. The payment processor had hit on this level multiple times in the last few weeks. This breakdown signals further downside to a target of $29.00. Once at $29.00, Square Inc because an attractive long position for a strong bounce higher. This is a technical trading chart setup. Note the chart below. Gareth Soloway InTheMoneyStocks
Bullish Retailers Into 2018: See Which Make The List And Why Retailer are lurking under the radar into year end and will likely surge in 2018. The reasoning stems from end of year tax loss selling and a new corporate tax code that will cause a 20% jump in earnings across the board. Many investors are curious why they have not already shot dramatically higher with the tax plan passing? This is because buyers on the tax plan are being met with tax loss sellers. Essentially, investors with losses in retailers (which is most) are taking those losses to cancel out taxes owed on their winners. This is standard practice for smart investors. The best trade setups for January 2018 are the retailers that are beaten down. I like J C Penney (JCP) as my top pick. The reason stems from the company report much better-than-expected earnings last quarter but still being very close to their multi-year lows. Add in the benefit from tax reform and J C Penney (JCP) should have as much as 35% upside in the first quarter of 2018. While I do not own any yet, it is at the top of my buy list starting in January when tax loss selling is over. Other interesting plays are Under Armor (UAA) and Fossil Group (FOSL). The one I would avoid is Sears Holdings (SHLD) because it literally cannot even get any sort of bounce off its multi-year lows. I worry there may be major financial trouble for that company regardless of the tax cuts passed. Gareth Soloway InTheMoneyStocks
Freeport-McMoRan Inc Slams Into Major Resistance Shares of Freeport-McMoRan Inc (NYSE:FCX) finally slammed into a major resistance level at $18.75 today. The stock has been up, almost non-stop for the past month, jumping from $14.00 to today's high. Based on trend line analysis, extension moves and overbought indicators, this is a strong short at this current level for a pull back to $15.75. Freeport-McMoRan Inc has had a great run because gold has bounced, but more importantly copper has been at the highest level in years. A strong copper price signals strong global economic growth. The short on Freeport-McMoRan has nothing to do with global growth or where the economy will be in a year. More-so with the near-term overbought factors that allow us as swing traders to profit on pull backs. Gareth Soloway InTheMoneyStocks
The Euro Is Still Signaling Upside Many traders and investors expected the Euro(EUR) to fall against the U.S. Dollar(DXY) after the Federal Reserve raised the fed funds rate earlier this month. Many so called market experts also thought that Euro would fall against the U.S. Dollar after the Trump tax cut passed, but that did not happen. In fact, the Euro is still firmly trading above the 1.18 level at this time. The current pattern in the EUR/USD chart is a bullish consolidation formation that indicates higher prices in the cards. The next major daily chart resistance level for the EUR/USD chart is around the 1.1970 level, but the larger time frame patterns suggest that a move to the 1.24 level is ultimately in the cards. This is why it is so important for traders to follow the charts. Tonight, I will be covering many of the highly followed currencies in the Daily Market Report. Nicholas Santiago InTheMoneyStocks
Head And Shoulder Pattern Formation On Amgen, Inc. Shares of Amgen, Inc. (NASDAQ:AMGN) have almost formed head and shoulder pattern. For those of you that do not know, a head and shoulder pattern is a bearish setup. If/when the neck-line is broken to the downside, the head and shoulder pattern has serious downside. In the case of Amgen, Inc., should it break the neck-line, price could fall within weeks to below $150.00. Please note that Amgen, Inc. is not currently a short because it has not broken the trend line. This is a pattern formation that is being put on watch, in case it breaks. Then the trade can be taken. Gareth Soloway InTheMoneyStocks
