Trade Ideas July 31st
Starting to see some short setups to my liking. Flip the chart upside down and breakouts look like breakdowns. Study the patterns (so many of them, but here's 5 courtesy of Investors Underground) BOTH ways so you can make money no matter market conditions. I'll post my favorite patterns soon, but I've included my Gator Bite short setup in this list. Let's get to it. On Tap for Tuesday:
TALO - Recent oil and gas IPO made new highs Monday. We'll see if momentum can kick it and drive it towards 40 over next few days. It does have monthly options priced reasonably considering its range; although liquidity will be tough if you pick wrong strike. I won't chase a gap, I'll wait for it to curl off a dip or follow through over 37.
JD - watching for breakdown below 35 for swing trade short.
VKTX - I took small long at 9.81 as it started to bounce off daily chart support at 9.50. That is the risk area. Gator Bite (short) setup working now though. The curl failed, the trend failed, once it snaps 9.50 it'll pull under quickly. So I'll probably sell into any quick pop early and then switch to short bias once the 9.50 cracks.
CORV - Nice breakout Monday. Now watch dips or continuation setups (such as red to green, like I played VRAY day 2 move, last week)
SPWR - gapping up over 7 on earnings. I'll look to start a swing position and add into new setups in coming days IF buyers hold it higher. Risk on recent lows 6.50ish.
BEN - watching for follow through over 34.50 for breakout towards 36.50.
AMD - Feels top heavy. I took a few ITM 20 puts Monday in case it sees a bigger pullback Tuesday or Wednesday.
LPG - Shipper with long term consolidation pattern. Needs to break and build above 8.75. Target towards 10 if it gets going.
A few others to watch ABIO, GSAT, CRMD, MX, UUUU, URG. More on twitter as always.