Wednesday February 7th – More Picks

Tuesdays report and some of the other recent reports have had ‘stock picks’, or ‘bullish set ups’ in a bullish sector (Mainly General Markets and Biotech). Almost all of last weeks and even yesterdays stocks made gains and they can keep moving higher, since the General Markets are on day 22 today of maybe 35-40 days. Since then, I had a request for ‘a few more picks’. With that in mind, todays report is simply going to be Stocks that can move higher with the markets or stock picks. Nothing has really changed with Oil or the Precious Metals, though they can bounce and chop around.

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REMINDER: THIS WAS GOLD IN YESTERDAYS REPORT: So since it was on day 14 yesterday, we know that it can bounce around.

I wrote: GOLD is on its’ 4th daily cycle and this one should be weaker, left translated, and roll over into an eventual ICL.  The ICL can come at the end of the 4th daily cycle, or Gold can also have 5 daily cycles, so I am monitoring it from the sidelines. The first 3 daily cycles were short and only roughly 25 days long, and this is day 13.

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 Currently The SPX has what should be a 1/2 cycle low recently and was on day 21 Tuesday. We often see roughly 35 -45 days in a normal daily cycle. This means that we still have time for the stock picks to move higher. So…

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Let’s take a look at bullish set ups:

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I wanted to point out that Biotech (XBI, IBB, and therefore LABU) look to have double bottomed here, so this sector has seen individual stocks moving higher or bottoming recently.

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YESTERDAYS REPORT HAD LABU AS BULLISH: I said…

LABU or ‘Biotech stocks’ sold down recently and I saw LABU reverse at the 50sma yesterday, so I posted this after 2 p.m. This has me wondering if the timing is a bit different here, with Biotech putting in a dcl here. It is a buy with a stop for a risk reward entry.

LABU was red in the morning yesterday, but then it started to move up and closed up roughly 5% at the end of the day, so I do view this set up and this sector as bullish.

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I posted this chart midday of a bullish set up with ‘CRSP’. It ran from $37 to $77 recently and is consolidating.  This can just continue to chop sideways, but after I posted this it moved to the highs or to that Magenta line. I think that it can break out and run. So…

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‘CRSP’ closed up 3.67% at that Magenta line, and might be ready to breakout & run again.

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I have personally traded RNA, but I never put it in the reports, because it seemed so choppy. It has now formed a fairly reliable pattern though. The pattern is this…

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RNA runs and then drops to the 20ema, runs and then drops again, runs and drops again, so now it may be time for the next push higher? I grabbed this chart as we approached the final hr and it was starting to reverse higher at the 20sma.

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XERS broke the downtrend line and you can see that it was also consolidating gains of 100% in a choppy run higher from November to January. It is choppy, but it is bullish.

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LUNA has been very choppy, but it is also chopping slightly higher along the 20ema. I am watching this one because I feel that it could breakout and it could make better or faster gains if it does.

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Yesterday I posted this about ZWS:

ZWS is breaking out from a multi month wide consolidation.  This is a buy since it can just keep running.

ZWS moved 2% higher, BUT it also released an earnings beat and gained another 3%. It gradually sold back down to $32, so it may open without a gap, and hopefully continues higher.

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AFRM was in a report recently and it is also trying to recover that 50sma. It did so yesterday. It does have ‘earnings’ this week, but the last 2 earnings reports were good and saw price run higher. AFRM ran from $20 to $52 recently.

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IN YESTERDAYS REPORT I WROTE:

CVNA is one of those stocks that I have always done well on…until recently. It lost the 50sma and is chopping along the 50 now. I do like the set up so it is on my watchlist. Recovering the 50sma this time would break the downtrend line, and could be considered a buy. The MACD has finally flattened.

CVNA was a buy right at the open, as it started to break out, and I posted CVNA one half hr into trading, showing that it broke out above the downtrend & 50sma.

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CVNA was up over 8% as the day went on and…

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CVNA closed up 10% and it can keep going higher over time.

I posted GRPN after the open, because it sold off and started to recover. GRPN has been in my reports in the past and I’ve traded it. I posted this view because it looked ready to go, and could break higher with this reversal. It just ran from $11.50 to $14.50, it could do an A-B-C up.

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GRPN continued higher to $15.52 and was up about 9%, breaking to new highs. It can continue higher, but if it dips lower, the next reversal will be a buy too.

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The set up on ROKU looks bullish as it pushes on the 50sma. You could wait and buy it if it breaks above that 50sma. It does have earnings coming up, so keep that in mind if you enter this trade.(Note: this may actually just continue to chop under the 50sma until earnings are released).

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 Remember, after a good day, we can see some of these continue to run for a couple of days in a row, while others pull back a little. That pullback may offer another buy if it reverses at the 10sma or 20ema in a day or two.  IF STOCK PICKS are not your thing, there is still TQQQ, SOXL, LABU and other ETFS that you can by on dips or ride out of the ICL, DCL, and 1/2 cycle lows.

  With this report, I just wanted to post a few more stock set ups while we have ‘time’ left in the daily cycle, since almost every stock posted recently has moved higher. When it comes time for a dcl, these will pull back and re-set, so I am only buying and holding for a short period of time (some I hold for only 1 day, others may be 2-5 days?).  The Biotech/Pharma stocks may be an exception, since several of those have moved higher when the general markets dipped recently. Enjoy your Wednesday trading!

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~ALEX

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Bitcoin remains sideways at the moment, on day 15.