No politics

Just going back to the point of the blog and it is about stocks.  Many people like this blog because mentions of politics are either muted or absent.  Let's keep it this way to keep our community intact.

S&P futures update

S&P Futures Daily

I sure got this one wrong. The bulls went to work right at the cash open and have tacked on about 18points so far to 1429. A 20 point range would be 1431 on futures... and intraday volume is suggesting that as the high target area.

I don't have any trade setups right here. With most of the days move probably in the bag, and also the fact that I'm out of sync today.... I think the safest thing for me to do is nothing at all. Sometimes it's frustrating to "miss the move", but I'm getting better at shrugging it off.

PAWN SHOPPE?

Gator's Chart of the Day: PANW

Palo Alto Networks has finally been trading long enough that it has a 20 day average.  It looks healthy enough that it should make it to a 50 day average later this month.

This one qualifies for the Fitz IPO trade.  That's the technique he uses that trades blue sky.  The only losers in the stock so far are those who bought Wednesday.  So here's how I would look to trade it.

The Trade
If you want to be aggressive then take some right here at 70.  The stop should go under the 20 day sma and that's 64.25 so that implies more than 8% downside so you may want to start small.  The safer trade would be to wait for the stock to clear 72.61 and then everyone is a winner. A stop just below 68.50 would be a little over 5% risk and the sky is the limit to the upside.