BBY is approaching our first resistance at 66.19 (horizontal overlap resistance, 100% Fibonacci extension, 50% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 56.93 (horizontal swing low support, 50% fibonacci retracement). Stochastic (89,5,3) is also approaching resistance where we might see a...
Hi there. Price is forming a continuation pattern to the downside. Wait for the price to complete the pattern and watch strong price action for sell.
Target and Best Buy reported earnings today and their stock values fell, TGT worse than BBY. The retail brick and mortar stores are the last group to report each season. The ubiquitous AMZN has put most of this type of store at risk of total displacement as consumers prefer the ease and speed of online shopping over driving to a store. Technical patterns are...
In spite of the shortened trading week due to the Thanksgiving holiday, there are balls to hit out there ... . Earnings: BBY (95/57) (announcing Tuesday before market open): The December 21st 57.5/75 short strangle shown here is paying 2.42 with break evens near the one standard deviation line. I tried pricing out a defined risk iron condor, but it looks like...
6 week consolidation followed by a confirmation of a downtrend suggests a 10.5% drop by Dec 10
Toys R Us refuses to die. The hedge funds that own the debt of the bankrupt toy retailer decided to cancel an auction of assets and instead plan to revive the brand and even open new retail outlets. The prospects of another Toys R Us revival could become symbolic: the timing coincided with what looks like a top in retail stocks as represented by the SPDR S&P...
Momentum is running out of steam, price is hugging the support line and resistance area has identified itself. I would not long at these levels, expecting a retracement down.
Best Buy is in Cycle Wave 4. The bottom of this wave should occur between July 25, 2018 and August 20, 2019. The bottom should occur between 52.12 and 63.5. These dates and numbers are based on comparative trend analysis and derivative analytics.
The headlines are headwinds, then tailwinds, then headwinds all over again. The stock market ominously pulled back from overbought again. "An Overbought Threshold Rejects A Stock Market With Crossed Signals" drduru.com $SPY $QQQ $IWM #AT40 #T2108 #VIX $BA $TOL $BBY $AZO $MNRO $ULTA $AUDJPY #forex
Last week was chock full of earnings. There was enough GOOD news to lift the market out of the doldrums, but profit-takers were instead the most active. Some individual stocks perform fantastically and will be the ones to watch going forward. They may leave the rest of the market behind as the major indices get weighed down by some big under-performers. The...
Welcome traders!! Continuing from the break of yesterday's resistance at the 264.74 area, we can see in the 30 min chart that we've now had a clean bounce off of that same level meaning we should expect to continue seeing upward movement hopefully breaking through the upper descending triangle. On our 4 hour chart the MACD looks to be going for a bullish crossover...
Our trade Idea of the week is in Best Buy! It has some nice consolidation and is beginning to fire out of a daily squeeze. We believe that there is a good chance for the price to move to new highs! We will have a smaller position just to take into account the recent volatility so that we do not get stopped out of a winning trade if we can control it! Best of luck!
EARNINGS ANNOUNCEMENT/VOL CONTRACTION PLAYS: M announces earnings on 2/27 before market open. Preliminarily, the March 24/30 short strangle is paying .84 at the mid, which isn't very juicy. Given the size of the underlying, it may be more amenable to a short straddle or iron fly, with the March 9th 27 short straddle paying 2.95 and the 23/27/27/31 iron fly...
We have bevvy of retail earnings announcements next week as the full season tapers off: HD announces earnings on Tuesday before market open with a background implied volatility of 23% (top quarter of 52-week range). CSCO -- Wednesday before market open with a background of 27 (near 52-week high). TGT -- Wednesday before market open, at 36 (top quarter of 52-week...
BBY does not seem to want to break over that 60 mark. Indicators plus technical analysis showing a short might be appropriate for the long term if the price bounces back from this resistance point or a long if it decides to break over that 60 mark also the bull flag formed starting May might be a good indicator that this thing is ready to break out
BBY is in up trend with strong support around 46 to 47 area. I setup the long position by shorting the June 46 put. Here is the position: Sell June 46 Put Premium: 0.75$ Break even point: 45.25$.
EARNINGS HPQ, LOW, BBY, and GME are all up for earnings announcements. Out of these, BBY and GME appear to be the best candidates for premium selling, given their implied volatility rank and background implied volatility metrics, although virtually every liquid underlying with an earnings announcement bears watching; implied volatility can pop at the last...
BBY announces earnings tomorrow before market open, so look to put on something today before market close to take advantage of the ensuing volatility contraction. Implied volatility rank is currently at 92 over the preceding six months, with implied volatility just shy of the 50% mark. I compared and contrasted going with my standard 20-delta iron condor, as...