Stock Watchlist 7/26 - SNAP MRNA STRR CSCO ROKU APT DASH CHWY SE NAOV
No ranting tonight. Just charts. Let's go.
SNAP - After a blowout quarter, it finally cleared long-term resistance in a gap and go move Friday. Watching for follow-through over 79 or early morning dips using 74 as risk guide. All social media stocks went with it. Last October's blowout quarter led to a new uptrend. Is SNAP ready to flirt with the $100 level in a few months now? Let's start with mid-80s and go from there.
MRNA - Looking for another blow-off type squeeze out/chaser parabolic move to take gains on calls from last week after it reclaimed 318. Then, I'll look at puts similar to last Tuesday's trade. Yes, you can like a company and still trade the stock both ways to make income.
The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time, and still retain the ability to function. -Scott F. Fitzgerald
342 and 318 were key levels of note last week once it found the bull trend again after Tuesday's roll-over. If it stretches towards 380-400 those will be the support levels on the way back down to remember to lock in gains on short-term puts.
STRR - Can't Ignore the volume Friday. Watching for a 4 reclaim and a big picture breakout over 4.65ish. Super low floater, a chat room could get this to run hard if they really wanted. But the company would likely take advantage to raise money and dilute the float similar to what RCAT did last week. Day-trade focus if the volume sticks around.
CSCO - Potential swing trade for a run-up into earnings, August 18th after close. January $60 calls could get a double if it pushes towards that level by then.
ROKU - The one that everyone now has eyes on... May need a few days to digest, BUT call me crazy, this chart's range potential coming out of a large cup & handle base pattern could be into the 600s. Not tomorrow, but in a few weeks if a new trend emerges the range is there. Premium is expensive though so the conviction is a must, or avoid. Definitely watch dips to get a deal vs. chasing pops. August $600 calls are around $5, and Sept. $600 calls around $9-10. Technically the cup range is about 175-200 so a target towards 625-675 is not actually that crazy in the coming weeks. If of course, it fails to build over 475 save your money for something else.
APT - watching for follow-through over 10.40.
DASH - If clears 190 this week it could speeds up towards 215 for a chance at a bigger picture all-time highs breakout in a few weeks. Earnings August 12th. September $230 calls around $4 are appealing if the idea builds momentum.
CHWY - Watching for a breakout over 87.50 to play short-term $90 calls. Great customer service, but they don't make any money yet.
SE - Reminds me of NVDA before its monster leg up last month. Nice basing pattern that sees turbulence around the resistance area before finally clearing and running higher than most expect. In SE's case, 300 is the level to clear to get it going. 375-400 range is possible in the coming weeks.
NAOV - Should be a fun day-trader again after posting positive results last week. Don't do anything stupid like bet the farm though. What goes up quickly usually comes down just as fast or faster once it peaks. Easier ideas above if new to this game. It has a history of coming right back down after big moves. So stick to tight stops and don't chase a gap up until it proves an intra-day continuation pattern of which you can use the low of day as risk guide. Again, not an easy trade, but a fun-trade if you know how to spot the action.
In closing I'll leave a link to a good twitter thread on finding joy vs. owning things. You can crush the stock market and still live with only the things that bring you pure happiness. No reason to splurge on a lambo as a status symbol if it's not what really makes you happy. If a lambo will make you happy, cool; but it's okay to be yourself in this world. Stop living like media and advertisers tell you to. Stay real.
Happy trading!