Did you miss Tuesday's PreMarket Prep? Here are some of the highlights from today's show.
Key Technical Levels
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General Mills (NYSE: GIS): Going long
term, it has to retake $60, except for one blip to $58.70 in February, it has been in $60-$64 trading range for six months.
It's now bearing down on the lower end of range.
-
Kellogg Company (NYSE: K): The long-term
chart isn't pretty. It's been in a trading range since February 21 from $73.64-$75.21. Trade the range until it breaks up or
down.
-
Canadian Solar Inc. (NASDAQ: CSIQ): It
got a $1 bounce off of Monday's low. Let's see if it can get into Monday's range of $13.23-$13.55. The pre-market low of $12.40
is a safe number.
Gary Kaltbaum, the owner and president of Kaltbaum Capital Management, noted that we haven't had a 2 percent correction since
the election.
"Welcome to a bull market," Kaltbaum said. "When they can't sell off, that is what bull markets are made of. The amazing thing
is, I know there are a few areas in trouble...but overall they just cannot pull this thing down in any way, shape, or form. That
leads me to the worry. When you get everybody thinking 'Oh, this is it. We're never going to correct, everything is great,' and
then all of a sudden we finally get one, it unwinds what I call a one-sided trade. So just be on your guard."
Listen to the whole interview with Kaltbaum here.
Charts To Consider
Nic Chahine, author of Create Income With Options
Spreads, joined the show and offered some charts courtesy of TradingView.
Chipotle Mexican Grill, Inc. (NYSE: CMG): "Zoom out. They're still trying to recover. Trade the range. Selling iron
condors or credit put spreads will work."
Shopify Inc (US) (NYSE: SHOP) Too hot to short. Too high to chase. Too bad I missed it.
Listen to the full interview with Chahine here.
Vlad Karpel, founder of Tradespoon, stopped by to talk about his platform. Tradespoon offers
predictive candlestick charts, as well as other analytics, for any investment with historical data. Listen to the interview with Karpel here.
Notable Morning Imbalances as of 8:55 a.m. ET.
-
Bank of America Corp (NYSE: BAC) 156K
shares to sell
-
Pfizer Inc (NYSE: PFE) 83K to buy
-
AT&T Inc. (NYSE: T) 55K to buy
-
Verizon Communications Inc (NYSE: VZ)
50K to buy
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Alibaba Group Holding Ltd (NYSE: BABA)46k to buy
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Nike Inc (NYSE: NKE) 59k to sell
How To Listen And Watch
PreMarket Prep is a daily trading ideas show with a focus on
premarket volatility and technical setups. You can listen live and chat with our hosts, guests, and listeners every morning from
8-9 ET here or on YouTube Live. You can listen to the podcast on iTunes, Soundcloud, and Stitcher.
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