Monday, August 1, 2011

Stocks That Worked: ON THE WIRE FRIDAY

Click on the charts for larger image. See detailed arguments below.


Multiple Arguments:
  • News
    • JAZZ TARGET RAISED TO $55 FROM $43 AT LAZARD CAPITAL 
  •  Level II Trap
    • More buys around $34.50 support level
  •  Floor Chatter
    • Goldman active on the buy-side (seen in level II quotes), plus optimism among analysts adding fuel to the rally.
  • Momentum Trend
    • uptrend following lower gaps
    • Very strong momentum with good volume
Multiple Arguments:
  • News
    • ILMN EPS $0.38 PER SHARE, 1 CENT HIGHER THAN STREET ESTIMATE
    • BUT, OVERLY OPTIMISTIC MANAGEMENT (COMPANY PROJECTED $1.44 EPS)
    • ILMN UPGRADED TO OUTPERFORM FROM NEUTRAL AT MIZUHO
  • Level II Trap
    •   Buyers enter around $59 level support area.
  • Momentum Trend
    • Good momentum with strong spike in volume right after the bounce off of support. 
  •  Reversal Signals
    • Moves slightly past the $60.5 resistance area, forming an uptrend after upgrade.
    • Candle pull-back creates higher lows going further to the $63.5 high resistance area.

Multiple Arguments:
  • News
    • SBUX BEATS EARNINGS EXPECTATIONS WITH 34% HIGHER PROFITS
  • Level II Trap
    •   Buyers enter around $39 support level, signaling upside reversal
  • Momentum Trend
    • Strong momentum with good volume.
    • Bounces off around $39.25 support level with higher lows.
    • Holds support around $40 to continue upwards price movement 
Multiple Arguments:
  • News
    • Markets still reacting to news of Piper Jeffray upgrade from $30 to $35
  • Level II trap
    • Buyers entering just before price jump around $31.20 to $31.40
  • Momentum Trend
    • Momentum picks up with higher volume along $31 - $31.80 range 
  •  Reversal Signals
    • Candle pullbacks (long tailed down) signals a move to the upside, bouncing off $31.20 support level
    • Slightly breaks $31.60 resistance level, supporting upwards price movements 

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