Stocks to Trade 2-3-17 | GPRO GoPro Going Nowhere

GoPro Misses Sales Estimates on Lagging Demand, Drone Delay

GoPro Inc. gave a disappointing outlook for sales this quarter, missing analysts’ estimates and reflecting slow demand for its action cameras and the delayed launch of a new drone. The shares fell as much as 14 percent.

bloomberg.com

GoPro Drops 12%: Q1 Revenue Forecast Misses by a Mile

Shares of adventure camera maker GoPro (GPRO) are down $1.29, or 12%, at $9.68, in late trading, after the company this afternoon reported Q4 revenue well below consensus, and missed by a country mile with its Q1 revenue outlook.

blogs.barrons.com

As GoPro drowns, is it begging for Apple to save it?

After a pretty rotten holiday quarter, action camera maker GoPro Inc. is now staking its hopes for survival on making its cameras work better with phones, positioning itself for a potential bailout from a smartphone maker like Apple Inc.

marketwatch.com

The Sky Is Falling For GoPro

Six days after the release of GoPro’s first-ever drone in October, Brian Warholak was itching to get airborne.

As an employee at a Virginia-based government contractor, Warholak, 43, had few opportunities during the workweek to fly his new toy. But on Friday, he left his desk early, unpacked his GoPro Karma from its carrying case and set it on a manicured lawn near the company parking lot.

forbes.com

$GPRO 2-3-17

$GPRO 2-3-17

Today’s Trading Lesson…

Trading Confidence – How to Trade with Conviction

Let’s pretend we’re in the same room trading together, as if we were all trading this one big hedge fund. At this moment, what level would your trading confidence be on a scale from 1-10?

Visualize a morning meeting where I outline a scenario for the coming trading day. I end the meeting with the following words:

I have absolute confidence accepting risk with this prediction for today’s price action…

I’m not saying I am right, what I want you to believe is a concept, something which in my opinion, is crucial to your trading success.

To achieve trader status, or whatever you feel comfortable calling it, you need to have scenarios of what you expect to happen in the coming trading day.

Trading Confidence – How to Trade with Conviction

I’m not saying I am right, but I am saying this is definitely what I’m looking for. There is a big difference there because a lot of people get hung up on, “well you said this is going to happen and it didn’t.”

Therefore you are wrong…

That’s not what I’m saying. What I’m saying is, and what I encourage everybody to learn and do, is to have a model of price action. A crystal clear framework of what price needs to look like for you to accept risk.

Then, and only then, if price unfolds according to your plan do you to accept the trade scenario. I am predicting what I expect to happen based on my tape reading ability, then I only execute the trades that do exactly what I forecast.

I don’t care of 7 out of 10 do not “work.” I only care about the 3 that do!

The key lesson here, is you need a structure for what you expect to happen. You need the tape reading skills discussed in the podcast. Otherwise, all price action will be random, and so will your results.

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On the Tape Today | 2-3-17

$COST 2-3-17

$COST 2-3-17

COST | Costco Whsl Corp exploded with solid volume on biggest comparable sales gains in over 2 years. This price action takes the stock price to a triple top formed over two years. A $170 buy-stop triggers a new long and hold, a stop loss on a close below $168.

CVS | CVS Health Corp gaps lower on heavy volume, with a downgrade by Baird and exposure to drug pricing provides a solid opportunity to short-sell. A $74 sell-stop with an initial target of $70 to cover.

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$SPY 2-3-17

$SPY 2-3-17

Tape Reading the SPY ETF

$SPY short-term uptrend remains intact.

Something going on “under the hood” though. The amount of stocks showing double normal volume expands each day. Most of these stocks show bullish order flow, which is why the volume matters.

Heavy volume without movement, “churning,” implies stocks are changing from strong hands to weak hands near the highs. We need to respect and trade the current upward bias, but start to pay attention for heavy volume days of selling.

Stock Market Today: Heatmap of the S&P 500

$SP 500 2-3-17

$SP 500 2-3-17

Stocks to Trade 2-3-17 | Friday Edition

Short-Term Trading Momentum:

Bullish Momentum: X, AA, MRK, CRM, ADSK, STX

Bearish Momentum: amtd, etfc, ew, ip, cvs, uaa, ua, esrx

Quarterly Order Flow:

Bullish Stocks to Trade: AEM, ADSK, NVDA, STX, TSLA, NEE, HCA, CLVS, AVGO, IBM, WDC, AAPL, UNP, NSC, SWKS, BABA, PNC, BA, NFLX, LYB, URI, TMUS

Bearish Stocks to Trade: cvs, esrx, dks, qcom, trow, lb, hes, sm

2x Normal Volume: FB, MJN, CVS, ETFC, MET, AMTD, UAA, UA, RH, EW, ESRX, IP, COST, OKE, EL, DLPH

Inside days: aapl, sbux, teva, xom, mgm, hal, ebay, gps, ups, ma, wfm, lvs, cf, wba, dvn, apa, nue, wdc, aet, ibm, hd, bhi

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