CAMARO’s Watchlist for 8/20/13
NFLX - Working on forming a big upper level wedge here with a rising support line from back in January of this year holding the stock up and a slight downtrend line from 52w highs holding the stock down the resulting chart is a tight one. However I believe that range will open up this week. Which direction? I don’t know but I do know NFLX has been green last 2 days while the market has been hit hard showing strength. I also know NFLX is only about 10$ off its 52w high. My bias is NFLX will break to upside and see new highs soon especially if markets find new base. I might cheat a little bit and get involved before it breaks out but ultimately it needs to break above 264 and then I think we can target new 52w highs by EOW.
FDX - 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. Needs to break above 109.20 tomorrow and then I would target a move to 112ish by EOW .
SPY - Looking to buy a big gap down tomorrow. If it opens up slightly or flat tomorrow I probably wont be playing it at all. But a gap down under 164ish I would be a buyer for a potential reversal going into Wednesday’s FOMC announcement.
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