Category Archives: Shorts

Checking In on the Triplets

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On this very quiet weekend, I thought I’d check in on the three ETFs against which I own June 2018 puts. As is obvious, these are puts with a deliberately large amount of time left on them (nearly 200 days), which gives them at least some opportunity to work out. Recent market action hasn’t been terribly encouraging, but they’re all three still in the money, and like I say, there’s lots of time left.

The first one is the financials, which has one of the cleanest analogs I’ve ever seen in my life.

slopechart_XLF

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Two Longs & Two Shorts to Watch

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Here are two stocks with strong technical momentum and two with charts that look to be breaking down.

On the long side, First Solar, Inc. (FSLR) reached a new high for 2017 on Wednesday, hitting $65.43 intraday. It closed up $2.03 at $63.24 on heavy volume of 4.6 million shares traded. The stock has appreciated by 140% since April 3 and has been tearing up the chart since the renewable energy company’s earnings announcement on October 26, buoyed by positive analyst opinion. Wednesday’s move came with news of a strong 2018 forecast announced during the session at the company’s analyst day. There is a multi-year resistance level at $71. But if the stock can close above today’s high, $70 may not be far away.

Nutanix, Inc. (NTNX) rallied 3.5% Wednesday, closing at $35.20 on light volume of 3.1 million shares traded. The move up came with news of a positive research note issued by a Raymond James analyst. The stock has risen by 140% since May 1. Price has been consolidating in the $32-$38 zone since the cloud technology company’s earnings announcement on November 30 and spiked up to the top of its rising price channel that day. There may be some continued short-term consolidation but next targets are $40 and $42. (more…)