No new trades for me Tuesday, I’ve been sitting on my hands as the IWM continues to bleed out.
On the economic calendar, watch Yellen’s testimony today as a possible catalyst to reverse the bearish sentiment we’ve seen lately.
This trendline breakdown in the IWM coupled with a possible 200 Moving Average breakdown is concerning.
Here’s Wednesday’s watch list.
ELX – After an earnings miss and poor guidance, Emulex is now valued at only 80% of book value, is profitable, and has plenty of cash on hand making this a bounce opportunity to watch. Video lesson 1 – oversold chart pattern.
YGE – Candle over candle with $3.03 as the button I’m watching for this to base and climb from these levels. One of my favorite small cap solar plays knocked down by a recent offering creating an opportunity with range to the low $4’s before resistance. Also video lesson 1 – oversold chart pattern.
PLUG – This high flying momentum stock is down over 50% since the conference call back in April and into oversold. I’m starting to watch for entry above the 200 Moving Average as they’ll probably make more big headlines. No rush here, looking for a base to develop so I get a clear stop in mind.