GPRO Break Out |Day Trading Game Plan | June 2

The market closed positive but… gave back change from the open late in the afternoon.

Buyers did not support the opening print, and failed to push new highs after 3pm.

At this point I am looking for an increase in volatility, but not making a call on market direction. This means we are showing too much indecision in the indices for my taste, so I am going to let the market tip it’s hand with a trend day and then hop on board.

There is no sense getting chopped up with the rest of the lemmings who don’t have patience.

There are still plenty of great stocks trading well to get caught up in the general market. (such as GPRO, EBAY and WYNN yesterday)

GPRO Break Out

We have been stalking GPRO Go Pro Inc. for weeks now, and finally got the break out we were setting the alerts for.

I can’t stress the importance of tracking stocks not giving you a trigger yet.

GoPro Announces New Touch Screen Camera; Shares Spike Higher

Shares of GoPro Inc (NASDAQ: GPRO) were trading higher by more than 7 percent on Monday after the company announced a new camera with touch screen features. The new camera is named the HERO+ LCD and will sell with a manufactured retail price of $299.99.

GoPro announced a new touch display for easy shot framing, settings control and access to an all-new in-camera video trimming feature. Other advanced features include HiLight Tagging and in-camera video trimming with built-in Wi-Fi and Bluetooth connectivity.

“HERO+ LCD illustrates that even as we push the limits of life capture with bleeding-edge devices like the HERO4 Black, we’re also focused on delivering accessible, high-quality capture solutions to anyone wanting to GoPro,” said Nick Woodman, founder and CEO of GoPro.

GoPro Inc Sell Through Momentum Appears To Be Accelerating: Piper Jaffray

Piper Jaffray analyst Erinn Murphy came out today with a research report on GoPro Inc (NASDAQ:GPRO), introducing a proprietary index used to track the relative strength of GoPro’s offering at retail. The index tracks GoPro’s ranking among the 100 best selling items in Amazon’s electronics category every weekday and contains data going back to October 2014. Murphy wrote, “Our index in the exhibits that follow shows sequential acceleration in Amazon rankings during Q2 – particularly in May as all cameras’ ranks in the top 100 have improved except the HERO which remained flat.

This includes the HERO4 Black ($500), HERO4 Silver ($400), the HERO ($130), the HERO3+ Silver ($300) and the HERO3 White ($200). The former three devices form the “new” category that launched at retail in Fall 2014 while the latter two form the “legacy” category which has been on the market for over two years.” “Our index indicates GoPro is still seeing solid sales momentum for its legacy products.

Specifically, sell-through trends for the legacy category have generally mirrored that of the new category and legacy product contribution to the overall GoPro share is tracking just above its long-term average of 25%. We will be monitoring this dynamic closely as we […] The post GoPro Inc Sell Through Momentum Appears To Be Accelerating: Piper Jaffray appeared first on Smarter Analyst.

Day Trading Game Plan: The SPY

The SPY traded on either side of the open price 3 times yesterday. The LEAST of which was positive.

We can make a case for an ascending wedge on the daily chart, which should break out to the upside, but I don’t see the consistency in price action and volume to feel comfortable digging in my spikes.

oil prices fall

Stocks to Trade |Tuesday June 2, 2015

Pete’s Notes:

  • Market breadth closed slightly negative.
  • WMT has found support @ $74
  • No edge in FB but the consolidation should lead to a nice week of volatility when it finally wakes up.
  • Semiconductors till the best short-term ideas to me.

Interesting Chart Lessons:

  • GPRO break out on volume is one to keep on your watch list. Has room to go up to the $70 area.

gpro break out

Earnings in play today > 1M avg shares:

Bullish Ideas ATR/Volume/Price: YOKU, CTRP, HLF, SWKS, GPRO, NXPI, FEYE, GILD, NFLX, AET, TSLA, LRCX> 84.50

Bearish Ideas ATR/Volume/Price: gmcr, kors, clr, apa, rrc, wynn, qihu, eog, ual,

Weak Stock Weak Close: clr, wynn

Strong Stock Weak Close: DE,

Weak Stock Strong Close:

Strong Stock Strong Close: GPRO, JD, OPK

20 day Breakdown:

20 Day Breakout: AET, EBAY, GPRO

2x Normal Volume: DDR, KORS, BMY, BK, LUV, GPRO, ESRX

Watch List Longs: AET, ADM, SBUX, ABT, JPM, HON, EBAY,

Watch List Short: kss, cvx, cop, all, cost, trv, amgn, wynn, ntap, ual,

Inside days: aapl, pfe, bmy, cmcsa, baba, pg, vlo, abt, schw, bby, met, unh, jci, cvs, etfc, nke, yelp, cost, lulu


 

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