Wednesday, January 23, 2013

Wednesday evening


AAPL dumpling

The numbers came mostly in-line, but they're selling it anyway.  Might have been better if it hadn't run up today.

Wednesday afternoon


Wednesday Morning

Gator's Chart of the Day: ROST
Yes it's retail.  No, I don't know (and don't care) what Cramer thinks about it.  Ross Stores made a year long run uphill from August '11 to September '12 and then fell from grace as it slid from 70 to 52.  December sales reports reversed the down trend and on January 3rd the stock gapped up 5%+ and ran on heavy volume reaching 59.12.  The last 3 weeks have been spent consolidating that move up and yesterday it traded to 59.17 on increasing volume and closed at its highest level (58.87) since the gap.  I think its ready to move higher.

The Trade 
I nibbled some calls on Tuesday when the it traded above 59.12.  Now I'm looking to add if the stock trades to 59.30 and holds that level for 20+ minutes.  My stop (it's a mental stop) is just below 56.06 which is the lowest trade since the gap up.  Price would have to fall through the 20 day and also the 50 day (unless it happens before next week) to trigger the stop.  My initial target is the 200 day simple moving average but I'm really looking for a test of 67.  That was the October high.