BBY has its foothold above $40 - Buy Best Buy

It hasn't jumped the way I thought it might. but BBY has taken a foothold today above $40 and doesn't appear to be giving it back. I'm buying at $40.35.

I'll let you know how it goes!

Thanks for reading!

Straight from the Chart 

Disclaimer:

Just to be clear, nothing that I'm posting on this blog is in any way advice that should be followed by anyone else. All investment decisions should be made carefully by all individuals taking into account their own financial situation and appropriate levels of risk. Do not take anything I say for anything more than it is, opinion, speculation, and woefully under-educated guesses as to how I think a few stocks are going to perform.

BBY - Any Day Now...

Still waiting for the move, but BBY is holding tight to the ascending triangle pattern. 

Keep an eye out for the jump. If this thing gaps up its gonna move. 

I'll let you know how it goes!

Thanks for reading!

Straight from the Chart 

Disclaimer:

Just to be clear, nothing that I'm posting on this blog is in any way advice that should be followed by anyone else. All investment decisions should be made carefully by all individuals taking into account their own financial situation and appropriate levels of risk. Do not take anything I say for anything more than it is, opinion, speculation, and woefully under-educated guesses as to how I think a few stocks are going to perform.

Wait for it... wait for it....

BBY is almost there but hasn't made the jump I'm looking for yet. If it gets into the $40.30 to $40.40 range I think it will break the resistance and go for a run. Keep an eye on it. 

I'll let you know how it goes!

Thanks for reading!

Straight from the Chart 

Disclaimer:

Just to be clear, nothing that I'm posting on this blog is in any way advice that should be followed by anyone else. All investment decisions should be made carefully by all individuals taking into account their own financial situation and appropriate levels of risk. Do not take anything I say for anything more than it is, opinion, speculation, and woefully under-educated guesses as to how I think a few stocks are going to perform.

Best BUY: Ascending Triangle... Wait for it!

Good Afternoon Traders! 

One of the clearest ascending triangle patterns I have ever seen is showing right now. Check out BBY!

If BBY breaks above $40 be ready for a big run! But WAIT FOR THE BREAK!

This call is made purely off of the trading pattern. Couldn't resist. 

I'll let you know how it goes!

Thanks for reading!

Straight from the Chart 

Disclaimer:

Just to be clear, nothing that I'm posting on this blog is in any way advice that should be followed by anyone else. All investment decisions should be made carefully by all individuals taking into account their own financial situation and appropriate levels of risk. Do not take anything I say for anything more than it is, opinion, speculation, and woefully under-educated guesses as to how I think a few stocks are going to perform.

BBBY begins to bounce! ODP still hovering but not going against us.

In the airport today on the way to a conference but had to post the good movement in my two picks that happened today.

As you can read below I bet against Office Depot a few weeks ago after the stock jumped on news of a fancy new investor coming in to buy the stock. It seems that people are waiting to see off this guy knows something the rest of us don't.  This stock is a dog.  No number of new investors can change that. This may turn out to be a longer term trade than I initially intended but I'll wait it out. ODP Is on a multi year downward trend with a strong resistance that hasn't been broken in 3 years. long term this stock is going down.

BBBY on the other hand has been recovering from it's big drop a few weeks ago. Option is up 20% today and gaining nicely. Expecting this one to keep climbing for a while. Lots of room to move.

That's all for now.

Thanks for reading!

Straight from the Chart

Please read all disclaimers! This blog is for entertainment only!

Facebook turning an 'about face' coming back strong on heavy volume.

Alright, I still don't have any money to put into this trade but if I did would have already gained some upside from where I called for a $FB rally. The stock is up almost $2 from where I called a turn. There is a good looking chart that is showing a support level beginning to form in all the right places. 

What I think happened here is that on the 12th the stock gaped up and broke a weak resistance level that has now formed the support. Though this is a VERY short period of time to be basing any technical analysis on I think it is good enough to show an upward trend that is likely to hold for a while longer. 

This one is still risky because this chart does NOT have very much data to base many conclusions off of. But I think I was right about the rally a few days ago and I think it will continue to the $26 price point over the next several weeks that I called for originally. 

Off-ice Depot about to be On-Ice if the chart holds. $ODP PUT options holding steady.

$ODP Office Depot is still holding on to its elevated position where it jumped after the fancy new investor came in and inflated the price. It doesn't belong where it is and I'm still expecting the fall but we may have developed a bit of a 'short squeeze' on this one and have to wait it out.

One of the reasons I am so confident that the stock will come down is that over the last 3 years the stock has been stuck in the same channel and not come out. A long slow decline has been persistent with the stock occasionally flirting with cyclical highs only to return to the pattern in which it has been stuck. 

Granted, the jump we've seen off the support level has been pretty wild. But it was not based on anything fundamental to the business. If $ODP were going to break out of a multi-year resistance level it would have to be on some big news that changes the nature of the stock. Some guy coming in a buying 13% of the stock and office depot hitting their numbers for once does not constitute a fundamental change in the declining nature of the business. 

One of the great things about options is that even though the stock has gone up since I bet against it with $4 PUT options the value of the options has barely moved, in fact I'm still at even money on it. One of the reason for this is that I got what is called 'Deep In The Money' put options. Meaning that the strike price was so high above the current stock price that the stock would have to move a ton to get me 'out of the money' or to the point where I couldn't execute on my $4 PUT.  Deep in the money calls and puts tend to lose money and be less volatile overall than 'near the money' options. Plus with options investors are holding on the puts because very few people think this is going to hold. 

It probably would have fallen already if their wasn't some sort of short squeeze going on.

I'll let you know how it goes!

Thanks for reading!

Straight from the Chart 

Disclaimer:

Just to be clear, nothing that I'm posting on this blog is in any way advice that should be followed by anyone else. All investment decisions should be made carefully by all individuals taking into account their own financial situation and appropriate levels of risk. Do not take anything I say for anything more than it is, opinion, speculation, and woefully undereducated guesses as to how I think a few stocks are going to perform.