A First Draft of a Shopping List
I can't say I really missed this afternoon's trading by missing the afternoon. It certainly didn't look like much fun, and for those who faded the initial move, it likely was painful without a tight stop or a quick trigger finger. Get ready to hear some folks talk about getting your shopping list out, but I would wait until I see equities lose 5% off the top before getting out my shopping list.
I will say that I would love to see some miners get absolutely hammered here. The SPDR Gold Trust (GLD) is right near my watch level. Depending on how you draw your trendlines, it can be easy to argue support was broken today. Still, I would want to see two days close here at or below $128. Obviously, I will be watching for the push back up tomorrow, according to my post earlier, but I would much prefer to see a two- or three-day blowout sending GLD down into the very lows $120s. Then, if that happened, I would have my gold and silver miners shopping list in high gear.
GLD Daily
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While I missed most of today's action, I thought I would leave you with some names to watch tomorrow. First, five names that broke out today:
- 1-800-Flowers (FLWS)
- Century Casinos (CNTY)
- ChemoCentryx (CCXI)
- E*Trade Financial (ETFC)
- Ziopharm Oncology (ZIOP)
There is still a look on these charts that they may continue for another day or two. And here are five names that look poised to break out this week:
- AcelRX Pharmaceuticals (ACRX)
- Forum Energy Tech (FET)
- Healthways (HWAY)
- MacroGenics (MGNX)
- Mine Safety Appliances (MSA)
Now there's a list you don't see every day. In fact, I'd wager that most traders recognize no more than two names on that list and three names on the other list. That's the kind of rotational market 2014 has been. I don't think it will change anytime soon.
At the time of publication, Collins had no positions in stocks mentioned.