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10 Nov

It’s Payday! Updates For November 10, 2011

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Nice to see U.S. futures shrug off the Italian bond issue, at least for now. Asia was hit hard overnight down considerably following our market but Europe has stabilized and it appears we’re getting some momentum off of that. Green Mountain Coffee Roasters (GMCR) took a huge hit after its earnings report which is yet another example of why I don’t hold through earnings – I’ll have my eyes on CBOU and JVA today as possible future shorts.

On the economic front, data on weekly jobless claims and October import prices will be released at 8:30 a.m. Eastern time. Also on Thursday morning, Charles Evans, president of the Federal Reserve Bank of Chicago, will deliver opening remarks at the International Banking Conference in Chicago. In London, the Bank of England is expected to leave monetary policy unchanged on Thursday, a little more than a month after it boosted its quantitative-easing program in an effort to stave off a recession.

Updates on our swing trades. Here is today’s video with technical analysis on COOL, RENN and ABAT – sorry about the quality of the voice, I’ll use a different mic next time.

RENN for whatever reason has not walked up prior to earnings, oh well. You win some and you lose some, if this game was easy then we’d all be rich drinking gourmet cocktails on the beaches of Hawaii, maybe one day but not yet. My goal on RENN today would be a slight profit above entry or better. It held up pretty good considering the market was down 400 points Wednesday meaning I think I did a good job of picking entry, unfortunately we’ve yet to see the walk up here. Probably not going to hold into the earnings report, I’d rather take a small loss than risk it but we’ll see as the day goes on.

COOL continues to hold the range I’m looking for which is why i didn’t cash on the $2,000 profit I had on it. Up $1,100 right now after yesterday’s pullback I’d like to see this one just under $4 as the Zumba II news starts to hit Wall Street headlines. I am considering locking in my profit and buying it back if I see another red market opportunity. Zumba II is set to launch next week and if you’re new, Zumba was COOL’s best seller and expect the sequel to sell better. We’ll probably play this one a number of times before their next earnings report.

ABAT, you know the game here, nothing new to report. I’ll buy more at $.92 if it dips and play it into next Monday afternoon before they report earnings. I hardly ever hold through earnings so please don’t bother asking because my answer will always be, if you want to gamble go ahead and hold. Ideally I’d like to get $1.15 to $1.20 or better before earnings. I don’t think Tuesday’s volume was a mistake and feel pretty good about this trade.

Finally, we should start to see if my QPSA options bet will work or not. Still no news on the merger vote from last night so worst case I’m out $2,400 from the $5,000 plus I made on the 60% trade alert recently. If the deal goes through my hope is the stock will gap up above the $5 resistance. Options are new to me and not a part of my service, but I did share this bet with you so you could learn if my judgement on the myYearbook deal sending it above $5 was accurate.

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