Asia was mixed, Europe is mixed and futures are slightly lower ahead of Wednesday’s Europe summit. Up about $4,000 on the 3 trades, I’ll be very watchful making sure these profits don’t escape me. Netflix took a beating in after hours on a soft outlook and Texas Instruments didn’t impress either so those won’t save the day. The economic calendar features Case-Shiller home prices data for August at 9 a.m. EDT. The Conference Board’s October consumer confidence reading is set for 10 a.m. EDT.
Here is what I’m watching with regard to our 3 opens trades throughout today’s session. Remember, you can always check my portfolio too, but it doesn’t show my short trades, not that I’m in any right now.
GLUU is holding the $2.90 range but in good markets. A real test is if we break this range when the market pulls back. Not sure I want to stick around for that to be honest, not this time anyway. Monday the Nasdaq was on a bull run to say the least and GLUU didn’t break that $3.10 resistance to challenge $3.20 where I’d have like it to be. It’ll be an hour by hour assessment on GLUU. I still think this has one more leg up before earnings but I’m not as confident with today’s market looking choppy. Keys are a hold of $3.00 and or $2.90 with resistance of $3.10, $3.20 and $3.45 before it can breakout like I’m hoping. This consolidation arm can be a very good sign, trading sideways before it can lift off, but I suspect if it didn’t do it yesterday then it’ll take a direct catalyst to do it today.
QPSA was last Friday’s alert at $2.95 and I’m happy to report that it hit $3.75 1 day later. It’s possible we’re now positioned at the bottom and might see some runup prior to the news of the myYearbook merger. Again, if this news doesn’t hit or they take more financing, the stock drops hard. Many of you already took 20-30% on this one and I applaud you for that. This service is about small cap education and making money, period! It makes my day when things go well for us because as you know, trading is hard but also very exciting. Right now I’m taking the QPSA trade hour by hour, day by day. Most of it’s previous moves have had little to no continuation and I’m not willing to give up over $2,000 in profits, so I’ll be watching close. One thing is for sure, if I do decide to get out, I’ll probably sit on the offer and not making it easy on shorts by hitting the bid.
WAVX is a technical play and a decent small cap company capable of putting up decent news daily. I’m not banking on news though, this is a rising upward channel and my alert was at the bottom channel line of $2.61. If the channel stays in play, then we should see over $4 in the short term. Look at the pattern of higher lows, $1.99, $2.12, $2.22 and $2.41 as well as corresponding higher highs $2.34, $2.45, $2.77, $2.89 and $2.92 etc… I believe this move up is poised to break $3 giving us over $.40 from alert or $1,200 on my 3,000 share position. I do plan on adding another 3,000 shares around $2.45 or $2.50 should it pullback slightly. Yes buying pullbacks aren’t fun, much easier to by momentum, but remember the other day when I said I’m bidding GLUU at $2.65, it hit $2.66 and is now at $3.05. Buying dips in good technical patterns is a good way to make money swing trading. In addition, it puts you in just above support making your loss small and upside potential big. I’ll detail this in a video later this morning.