💡Trade Ideas — $AABA, $BBY, $BMO, $BOBE, $DG, $AMBA
August 27, 2017
Need some trading ideas to get the week started? We’ve got you covered! This is our weekly issues August 28 — September 1 where we go over macro economics, economic calendar, upcoming earnings and list a few trade ideas.
Last week saw the Bulls return. The Fed wasn’t very clear last Friday as to whether the rate would be raised and the status of its balance sheet divestiture but did state the US economy was stronger. Expect volatility this week with the Bulls.
Favorite ETFs
$SPY — This S&P 500 ETF was up last week. Four distinct bottoms have occurred the past six months with an overall uptrend for 2017.
$USO — This oil ETF traded sideways last week. The six month downtrend pattern was broken as well. Either a big up or a big down is about to occur according to chart analysis.
$GLD — This gold ETF was very volatile last week. Stocks look to be bullish again and this ETF $123 resistance may hold for this week. I expect a dip this week.
$IBB — This biotech ETF bounced off a mini double bottom pattern last week. It’s too soon to know if an uptrend to the $321 and $325 resistances can occur but a bullish stocks week could help.
$EEM — Emerging markets were the craze last week. A few articles showed an outflow of money in US stocks for an in flow in other foreign large stock exchanges. Chart analysis shows overbought conditions so I expect some profit taking to occur soon.
$ AABA— Altaba Inc.
Altaba has its ER 8/28/17. The stock has been on a tear in 2017. An ER beat is expected.
Catalyst — Post-ER
Trade — BUY $65.00 September 1, 2017 Calls
$BBY — Best Buy Co., Inc.
Best Buy has its ER 8/29/17 before open. The company has a history of ER beats the past few years. I remember a few years ago when most thought Best Buy was headed for bankruptcy but so far it’s rebranding and store facelifts have helped bring in retail customers despite Amazon competition.
Catalyst — Pre-ER
Trade — BUY $63.00 September 1, 2017Calls
$BMO — Bank of Montreal
Bank of Montreal has its ER 8/29/17 after hours. The company has a history of ER beats. Chart analysis shows a nice uptrend developing since the $72 support bounce.
Catalyst — Pre-ER
Trade — BUY $80.00 September 15, 2017 Calls
BOBE — Bob Evans Farms, Inc.
8/30/17 before open is Bob Evans ER. The company generally beats expectations. Chart analysis shows a general sideways pattern since last ER with a dip last week that has placed the stock in oversold territory.
Catalyst — Pre-ER
Trade — BUY $65.00 September 15, 2017 Calls. Watch option volume.
$DG — Dollar General Corporation
Dollar General has its ER 8/31/17 before open. Like it’s stock chart recently, the company has a a mixed history of ER beats. The ticker is trading at its very strong $78 resistance last week. Can it defeat resistance this week?
Catalyst — Pre-ER
Trade — BUY $78.00 September 1, 2017 Calls
$AMBA — Ambarella, Inc.
Ambarella has its ER 8/31/17 after hours. The company has a history of ER beats. Chart analysis shows volatile patterns, with a recent slow uptrend.
Catalyst — Pre-ER
Trade — BUY $54.00 September 1, 2017 Calls
Happy trading!
Disclaimer
This is not an investment advisory, and should not be used to make investment decisions. Information in All Things Stocks is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don’t consider buying or selling any stock without conducting your own due diligence.
