Aug 25

Exit $WYNN $BAX. Enter Nike $NKE


Exit $WYNN $BAX simply said market is powering higher, these names have been wandering around their stops for weeks. Not looking like good opportunities. Its keeping cash tied up and missing some good setups and breakouts.

Too many good setups. $UA $INTC $HD etc. We are choosing $NKE as it had a nominal break today of a consolidation that’s been in the making since November 2012. It has not put in a good signal yet, but the appearance of the chart looks like solid accumulation and more likely a huge break in resistance. The odds are in favor of us. Admittedly we may sit a bit, but I don’t believe for long. You can see in the weekly chart how $NKE pushing the resistance. The trading range is staying in the upper half of the consolidation . Initial stop is 75.90  giving us a very nice risk reward ratio.

Due to work pressure, We are going to execute the trade today and not wait until the morning open. We are comfortable with this as the signals were already shown by the stocks ;ast week.






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