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Last week I promised that this week would be a doozy. Would I lie to you? And it’s not even over yet! Indeed, tomorrow is the jobs report, and that should just be more sauce for the goose.
In a similar fashion as last night, I wanted to walk through some big cash markets and talk about important levels. In this instance, though, I’d going to err on the side of caution and state where firm support may reside. Yesterday and today were a delightful reprieve for the bears. The sons-o’-bitches in D.C. don’t normally permit such monkeyshines to go in for more than a day or two, so they’re going to try to stop it. Thus, caution and awareness is advised!
Here are four stocks in technology and solar energy that have broken out on earnings.
Enphase Energy, Inc. (ENPH) popped $6.50, or 30%, to $28.15 on 22.2 million shares Wednesday. On Tuesday the supplier of solar power micro inverters released favorable second quarter financial results. The stock has been rallying since starting the year under $5, and Wednesday’s move, on more than 5x its average volume, broke price out from the bottom of the rising channel through the top. Watch for an extension to next resistance near $32, using Wednesday’s low at around $26.25 as support.
In spite of the Mnuchin-driven PPT rally this morning, I’ve been doing just fine and dandy. Or at least dandy. This is due to some real beauties in my portfolio getting zapped. This morning’s hero is Atlas Air Worldwide:
A huge rally in the NQ and the ES. What a surprise, eh? After the selloff yesterday, we should all have expected Mnuchin to phone in the PPT and start the buying again. But I’m totally OK with this. I’ve been nicely in the green all day, with my pure short portfolio, thanks to to standout winners like AAWW. And, more broadly, I offer the chart below: