On the short side, one of my old favorites is back on my radar. BLK is a stock that kept defying the shorts for a long time until late last year. I’m proud to say that I hung in there and rode it down from $230 to $180. I’m now looking to get back in. If it can manage to rally up near $110, I will be looking to enter. If it breaks $95, I will also be looking to enter. My target price is $63.
I think CME also is looking pretty good to the short side. I am looking for a breakdown below $156 but I would also be willing to enter a small anticipatory trade right here off the trendline. There is also some resistance right at $195 which can be used as a stop. My target price on this is $75. I would manage the trade by lowering stops and my guess is that even if the trade works out, it will be tough to hang in there until the target price is achieved. The point is that there is lots of profit potential and great risk/reward.
For those looking for some bullish ideas, I am keeping FCX and GYMB on my radar.
Watching to see if FCX can break $33.30. If there is a breakout, my target price would be $50.
GYMB is in consolidation mode. Good looking inverse H&S with a triangle forming off the right shoulder. Earnings coming on March 11 so this one is not ready for action yet but I am keeping it on my radar. Waiting for a breakout above $27.55 with a price target of $33-34.
