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