Watchlist for 1/23/14

MJNA - Nice breakout today out of the consolidation period its been for the last week or so. Going into tomorrow I wanna see the resistance at .24c get taken out and then hold above it. Th next resistance would be at .32ish.   The key support is now at .215c.  I am long MJNA overnight.

ELTP - Broke above bull flag today and is looking strong into tomorrow. I like how it spent the entire afternoon consolidating at highs today. Watch for prior high break tomorrow and .40c is my target.

LQMT - Was a ghost town all day until the last 30min or so when some volume finally came in. Hopefully we see some extension tomorrow because the bigger macro chart on LQMT does look really good and not that I advice swinging a penny stock but I think we could see LQMT trading above .50c in the next 2 weeks or so.

MCIG - In a bull flag on the daily chart. We saw a big run up on high volume followed by a few days of rest on low volume, a perfect bull flag. Also this flag is right under 52w highs at .261c and I think once this bull flag breaks out we also see new 52w highs. Watch for a move above .21c tomorrow and a daily volume of 2.5mill +

NVLX - Also in a bull flag on daily, watch for a break above .138c tomorrow. I think 100day highs around .155c is a good target for a quick trade.

REE - Broke above the neckline on the inverse head & shoulders on the daily chart today and should be good for a swing up to 2.00-2.10ish.

 

OPTIONS 

CELG - Biotechs have been hot recently and should continue to be this year and so I was going through a list of them to find which one could be the next “to go” and I think I found it with CELG. The stock has been quietly consolidating on highs the last month and a half and is forming a really nice wedge pattern on the daily chart but this wedge will break tomorrow if CELG breaks above 171. I like the 170x calls going for 1.35 right now. I think new all-time highs in play this week which would be huge for the calls.

SPY - Markets have spent 2014 consolidating on highs which is very healthy. I came into the year with a short bias towards SPY and thought we would begin the year with early tax-selling but clearly a time correction has been the play, not a price correction. Either way, SPY is now setting up for a another big push perhaps starting tomorrow. After the close we saw some big moves in some big stocks and hopefully this gets some momo going in SPY.  Today SPY gave us an inside bar so a break above todays high will be my trigger long with new all-time highs being my target. I like the 185x calls going for .25c

NFLX - Should be in play tomorrow after earnings gave the stock new all-time highs. Ill be scalping NFLX tomorrow for sure and expect a big daily range. Tough to predict where we go tomorrow so ill just stick with using a 3min and 15min to dictate trades.

Remember this is just a watchlist and do not guarantee to be profitable trades. Use your own judgment when making the trade.

Sign up for our free newsletter!!!