Market still making higher lows and looking to break the recent high, Strength in Quality stocks and Leaders helping the move in the market, patience and money management is important in this business.. In any case we haven’t changed our outlook, and here is an update on some of the instruments that we have in our portfolios that we support.
AMZN; Still have room to see higher targets of 1771 and pushing the limits a bit; 1787. Notice: we are using moon phases.
NFLX, reports next week (see chart below). Being conservative and emphasizing the word conservative, ideally should see 444 and we must be out at that level.
FB should go for 208/209 (See Chart Below); some aggressive extensions to 212 are probable.
GOOGL: M-line at 1090 for support check the monthly chart
we will move minimum-immediate target for $GOOGL to 1280
and we will focus on 1509.41 for the completion of two counts: One on OPL where this 1509 area is 4.236 retrace and the other is what I present here where is 2.618 retrace on AltC layout.
Oil/USO: Holding the Wolverine line (shown in chart below), but looking more like the completion of the 5th of C at 1.382 retrace. Needs below 13 to confirm that will test buyable supports at 11.96, we know how oil behaves so until highs are cleared a deep pullback is possible, support starts at 11.96 and ends at 9.5.
AMZN and GOOGL stochastics still have room for higher, while NFLX is already at the highs, and any gap up, will be sold very soon if not immediately.
Check our last report from one of our portfolio (LINK)
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Stock Market started the week on the low side on increasing Tariff pressure, however we are still finding some great buy spots and here are some of the things are looking in our Portfolio.
Indexes stochastic monthly, of all them TNA looks compromised at the highs, but still could go higher and test previous highs on Stoch, $NDX is showing a positive signal on the monthly stochastics with $SPX.
Monthly Volatility is good enough to start a move up on indexes, daily inverted charts are oversold enough to justify a consistent move up across the board.
2C-p = 29.2 (35.9 previous) 6/29/2018 close.
Bottom spotter has made a positive turn
Yield Curve: As long as it says normal, I’m not worried. When it changes to “flat”, then we should start paying attention.
We have been trading $MU, and its been one of our major stocks that we look for higher prices, looking for this slippery wave count on the 15 minutes chart on A6M shown at chart below:
the 5th wave points to the 3.618 extension at 67 area, in case we see 65.96 should be good to reduce. The subdivisions on A5M
have the 2.618 extension at 67.70. Joel has the top of the daily cian channel at 70. Necessary support to hold on the micro is 60.46/60.03 right now. Going deeper into the monthly counts on A4M
$MU been in a 3rd wave that has for ideal target the 2.618 at 93.65, we can see that 1.618 on this monthly count is at 66.17, this is the reason MU been experiencing all this consolidation. This monthly approach has not opposition with others macro counts like the ones on A3M :
that has a limitation at 75.69, being this number the 6.854 extension in this count.
All in all based on analysis and our approach MU has potential to go to 75.69 with solid resistance at 76.06. Once/if MU hits these levels I will update support between 61.83 and 53.82, being the average at 57.82. We are afar from that yet.
We could trade the 75 levels with options, but don’t think that we should use the regular exposure of shares chasing that area.
Have a nice week
We have few trades placed taken in our chat room, also please note that earning is on June 20
We know its already march but we promised to post our final results for 2017 $SPX Credit spread, a trade that we dearly love to take in our Group, lead by our super IKE.
If you are someone who is busy and not able to trade all the time, this trade can help you add income to your portfolio, you place the order and set it as a good to close order in place. We did have to adjust 2 times last year but that was no issue, just like any other trade.
2017 year was another solid year for Seeking Options team, and the $SPX Trade alone have had 28 winning trades from total 30 that’s 93% win Rate, we had 8 adjustments and 2 losses. Total Net results were 86% Profit, So if you risk 2K per trade (initial Investment) you would have netted by year end 1,717$ USD almost DOUBLE!.
Congratulation on your investments and trades!!
And thanks for being part of Seeking Options Team!!
If you wish to participate in the SPX Credit spread trade, you can click on this link
Did you know that Trading 1 Contract in the past two months would have netted a $760 in Profits i.e it covers the cost for one year and more of the VIP Membership – Which includes access to all services (includes SPX Credit Spreads.)
Options Trade idea on $NKE and $ORLC presented on #CNBC Options Actions.. March 16, 2018 “Nike’s growing problems. Are big hurdles ahead for Nike? With CNBC’s Melissa Lee and the Options Action traders.”
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