CAMARO’s Watchlist for 8/23/13
TSLA - The squeeze is back on. TSLA has been holding so incredibly well above its 8 and 21ma’s since the start of this rally back in April its really quite amazing. TSLA still has 25% of its float short which is very high level. If TSLA breaks above 158.88 (all-time high) this will mean that every shorted share is again underwater and could cause more squeezing. Tomorrow I believe TSLA makes new 52w highs and if it wasnt for the mid-day trading halt in the market it probably wouldve gotten it today. Today TSLA traded 10,000 contracts on the weekly 160x call and with only 3,000 in open interest on the strike it appears that big bets were placed on TSLA reaching 160+ tomorrow and I have to agree….I think 160s go ITM tomorrow.
WYNN - Started to poke its head above a really nice looking bull flag pattern today. WYNN has held up very well during the market pullback and is flagging right underneath 52w highs at 145. I believe 52w highs are going to act a magnet going into tomorrow and next week. A few other casino’s hit 52w highs today with CZR and MGM both closing at the highs. I believe WYNN will play catch up with those two as this group of stocks tend to run together.
FDX - I highlighted this setup a few nights ago and said this “In a really nice bull flag formation and in a sector that is holding up the best relative to the market. If SPY starts reversing tomorrow (which I am thinking it will) I believe FDX’s bullish setup is something to pay attention to.” And although I was a day early because SPY didn’t bounce until today the analysis was spot on. Found relative strength in the market and once market bounced the stock ripped higher. I’ll be sure to do a video on this subject this weekend. The setup now is FDX just made new 52w highs and I believe FDX is going to see a trade up above 112 within the next few days. If your long it from the other I would stick with it and if your looking for an entry I like the 110.00-110.20 level for new support.
GLD - Last week it broke out above a big long term downtrend line. We discussed how GLD could be setting up for a big bounce in this videohttp://www.youtube.com/watch?v=340rqWq659c . GLD is now consolidating the nice breakout with a perfect bull flag. I like GLD above above 133. Its very possible GLD has another quiet friday, the last 2 fridays have had tight trading ranges and that could happen again tomorrow so be aware of that. If thats the case I will probably buy some GLD calls towards the close to hold over the weekend. If you prefer cheaper options, take a look at SLV, identical setups.
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