Yesterday we played EMBA long, but as you know from my materials this is a stock I wanted short. So the lesson here is when they won’t breakdown, why not look for long entry. So where to go from here on EMBA. Well we all know that September is a huge stock promotion month, so there’s a good chance we start seeing mailers on EMBA which means it’s too early to short. I’m watching today though, if it starts to show signs of weakness I’ll try a small position short if I can find shares again.
MELA just had huge news that could have this stock running for days, however, it’s resting up right against pretty solid resistance and all past spikes have been followed by full pullback. This means I’m looking to short MELA once it goes nova today and ride it down as long as it doesn’t challenge my entry.
YHOO booted their CEO, about time! But not all funds will be happy about this transition so while shares are up right now, I wouldn’t doubt we see a pretty nice dip at some point today. Since it’s currently trading just below $14, I’m going to use that platform as a pivot point to go long or short depending on the market.
COOL has earnings coming up, I’d like to be long heading into that. Earnings are on the 12th, so I’m looking for entry. If it starts to sell because someone knows and is acting on something they shouldn’t, I’ll take it short too. $2.20 is key support followed by $2.30 with lots of resistance just ahead.