Daily Analysis
Today was all about few story stocks and China rally last night. If you thought AAPL had a massive selloff last month, today comfortably beat that singlehandedly. It closed down 6.4%, thats a market cap loss off about $35B. Think less than 100 companies on S&P can boast of that kind of market cap. Worst part was this selloff came on no material news. Think it was based on an artcile published in Digitimes about fall in component orders for March quarter, which is to be expected coming off an expected huge December quarter. AAPL is trading like a small cap Biotech stock now - probably better to stay away till we get a nice bottom. Another story stock was FCX who annouced acquisition of MMR and PXP. This drove the gas/oil stocks higher. Finally, the news that Citibank (C) is cutting jobs drove Citi higher 6.3% taking some of the financials with it. So, in the end, even with huge AAPL selloff the market finished in green. We tagged key SPY levels from below, which could've been used nicely to enter and exit trades. We opened flat and tagged 141.68, then on we headed all the way down to 140.40, then rallied all the way to 142.16 and closed only slightly in green. Welcome to VOLATILITY!!!
SPY support or resistance levels.
SPY resistance - 141.68, 142.25 142.75 (gap-fill), 143.09, 143.55, 144.40
SPY support - 140.90, 140.40 139.05, 138.50, 137.55, 136.66
Trades today -
AAPL - Bad start to the day. Stopped out at 569 (gap down) on my positions this morning on which I had a 572 stop. I gained $66 on my 1/2 pos from 513 and lost $7 from yesterday's entry. Glad I got out early. I reentered down at 547, sold 1/2 for +5 and had b/e stop on rest which got stopped out as well. I also have a an Jan $600 call option, which is hugely red right now. I'm going to keep that one for now.
BIDU - Another bad trade. Entered at 91, hoping that China rally last night would lead this stock higher. Got stopped out within minutes at 90.
CVH - Entered 29.97. Sold 1/2 at 30.40. Holding rest.
GS - Entered at 117.25. Holding.
PAY - Entered at 31.75. Holding. Nice pattern but earnings next week.
Swing Trade update -
TNGO - Still holding long. It needs to break 13.43 area.
TSLA - Still holding 1/2.
FSLR - Holding 1/2 from 23.80.
SRPT - Entry at 29.70. Looks terrible right now. Watching how it deals with 20sma.
ESRX - Entered long at 53.75. Looking nice.
SHLD - Entered 1/2 pos long at 41.65. Stop 40.
CLF - Long stock at 29.25 and Long April $30 calls from $2.80.
OXY - Long from 73.60.
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