Tiffany Earnings: What to Watch
Tiffany (NYSE:TIF) stock has been unusually volatile this year as investors struggle to forecast its short-term momentum.
On one hand, the retailer is on track to achieve its first year of rising sales since 2014 thanks to generally strong economic trends and an improving product line.
However, the strength of that growth rebound could be threatened by trade skirmishes and rising spending that’s hurting the jewelry giant’s profitability.
Today's Trade of the Day | 11-28-18
Despite the recent 2 day rally in the stock market ROKU continues to refuse to advance. This relative weakness and lack of bullish interest sets up a new swing trade to the short side. Game planning a $39 sell stop order to enter the short sale. Profit target comes in at $30.50, with a stop loss on a close above $40.
Stock Trading Ideas | Wednesday Edition 11-28-18
Bullish Cash Flow: PDD, AMD, M, TSRO, VZ, WBA, HTZ, UNH, HOLX, WDC, AMGN, IGT, INTC, MGM, MU, WYNN, ADSK
Bearish Cash Flow: amrn, acad, ts, stld, x, roku, aptv, aa, nfx, tpr, cnq
New 20 Day Breakout: TSRO, DAL, WBA, HOLX, ADSK, AET, AAL, BABA, A, HLT, ARMK, AABA
New 20 Day Breakdown: acad, ts, vktx, stld, x, nfx, tpr, cnq, pgr, cf, dvn, dltr, tjx, slb
Double Normal Volume: X, UTX, BMY, TGT, MXIM, AET, TS, DKS, STLD, ROST
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Tape Reading the SPY ETF
The daily chart of the SPY ETF continues to show bearish order flow but zooming into the hourly chart we see a faint glint of hope for the bulls.
The short-term decline broke yesterday and has roughly $2.50 to go before expected resistance. Will it get that far? Not sure, the current bearish sentiment is pretty strong. Most traders I am speaking to are looking to get short again. So the current short covering has sellers waiting in the wings for a signal.
Zooming out a bit we need to be aware there's a difference between a short covering rally and new buyers. What's interesting here is that short covering is typically fast. This current 2 day wave of buying was anything but fast. That's a good sign for the bulls because it implies the shorts are not covering yet.
If the bulls can "hold the bid" and stock prices fail to decline, we could get a fast rally as new buying and short covering happens together. Stay tuned and watch for these clues.