The Chart Book: Big Move Ahead in the Markets? New Trades in Twitter (TWTR), Square (SQ) & Tilray (TLRY)

A very quiet week in the markets last week; with the S&P trading within a 40 point range. Given that it’s Father’s Day today (Happy Father’s day everyone!), we are going to cut right to the chase with updates on our 5 open positions and 3 new trade set-ups we are looking at. 

Running total of our closed positions: (net % moves of the stock)

1. ROKU –  Gain of 35%
2. CRON –Loss of 8%
3. TTWO – 15% Gain (1/2 size @ 8% & 1/2 size @ 21%)
4. CVNA –  Gain of 17% (1/2 size)
5. ABBV –  Loss of 7%
6. AMZN –Gain of 4% (1/2 size @ 2% & 1/2 size at 6%)

Open Positions:

1. CVNA (Short from $72) – Up about 17% on the 1/2 position remaining.  Keeping stops at $68.50. 

2. URA (Long from $11.60) –  Slightly profitable on this position with stops now at $11.25 (~3% risk). 

3. IP (Long from $44) – Currently at $42.99.  Keep stops at $40.70 (~7% risk).  

4. BAC (Long from $28.40) – Trading $28.04 – continue to hold.  Will re-evaluate the position if prices fall below $26. 

5. CTXS (Short from $96) – Prices are back to around our entry point. Holding shorts and let’s now place our stops at $98.50 (~2.5% risk).

New ideas for this week  –   
Twitter (TWTR), Square (SQ), Tilray (TLRY) – with updates on Navistar (NAV) & Tableau Software (DATA)

NAV– Will keep on our watchlist – not much has happened and we are not ready yet to take a position but will keep watching. 

DATA– Well we were correct in direction, but the market did not give us an opportunity to enter!  On the open on Monday morning, DATA announced a buyout bid and the stock jumped over 30% (without us!)…removing this stock from the watch list. 

TWTR –  Been watching this stock for a few weeks and I believe we are at a pretty critical point with price action and the risk/reward is too good not to get long.  At a minimum, we are looking to get up to the $44-$45.50 zone. Enter long at the market with stops at $33.50 (~7% risk).  Looking to take half the position off at $44.  (Chart below)

SQ
– Whether we are in a wave 3 or C, it doesn’t really matter as the implications are for a move higher.  To reduce risk, I personally would like to go long on a small pullback to $69 with stops at $59.50 for now. $79 is the first price target. (Chart below)

TLRY– Keeping this one very simple from a technical perspective – Prices have broken a lengthy downtrend channel and are now retesting the upper trendline.  Looking to move into $51.90 to exit half of the position.  Stops at $34. (Chart below)

TLRY | chart of the week | Aspen Trading Group | trading guideTLRY | chart of the week | Aspen Trading Group | trading guide

TLRY | chart of the week | Aspen Trading Group | trading guide

If you’d like to see the previous Weekly Chart Book Updates, they can be found here: https://www.aspentrading.com/chart-books/ 

A very quiet week in the markets last week; with the S&P trading within a 40 point range. Given that it’s Father’s Day today (Happy Father’s day everyone!), we are going to cut right to the chase with updates on our 5 open positions and 3 new trade set-ups we are looking at. 

Running total of our closed positions: (net % moves of the stock)

1. ROKU –  Gain of 35%
2. CRON –Loss of 8%
3. TTWO – 15% Gain (1/2 size @ 8% & 1/2 size @ 21%)
4. CVNA –  Gain of 17% (1/2 size)
5. ABBV –  Loss of 7%
6. AMZN –Gain of 4% (1/2 size @ 2% & 1/2 size at 6%)

Open Positions:

1. CVNA (Short from $72) – Up about 17% on the 1/2 position remaining.  Keeping stops at $68.50. 

2. URA (Long from $11.60) –  Slightly profitable on this position with stops now at $11.25 (~3% risk). 

3. IP (Long from $44) – Currently at $42.99.  Keep stops at $40.70 (~7% risk).  

4. BAC (Long from $28.40) – Trading $28.04 – continue to hold.  Will re-evaluate the position if prices fall below $26. 

5. CTXS (Short from $96) – Prices are back to around our entry point. Holding shorts and let’s now place our stops at $98.50 (~2.5% risk).

New ideas for this week  –   
Twitter (TWTR), Square (SQ), Tilray (TLRY) – with updates on Navistar (NAV) & Tableau Software (DATA)

NAV– Will keep on our watchlist – not much has happened and we are not ready yet to take a position but will keep watching. 

DATA– Well we were correct in direction, but the market did not give us an opportunity to enter!  On the open on Monday morning, DATA announced a buyout bid and the stock jumped over 30% (without us!)…removing this stock from the watch list. 

TWTR –  Been watching this stock for a few weeks and I believe we are at a pretty critical point with price action and the risk/reward is too good not to get long.  At a minimum, we are looking to get up to the $44-$45.50 zone. Enter long at the market with stops at $33.50 (~7% risk).  Looking to take half the position off at $44.  (Chart below)

SQ
– Whether we are in a wave 3 or C, it doesn’t really matter as the implications are for a move higher.  To reduce risk, I personally would like to go long on a small pullback to $69 with stops at $59.50 for now. $79 is the first price target. (Chart below)

TLRY– Keeping this one very simple from a technical perspective – Prices have broken a lengthy downtrend channel and are now retesting the upper trendline.  Looking to move into $51.90 to exit half of the position.  Stops at $34. (Chart below)

The Chart Book: Big Move Ahead in the Markets?The Chart Book: Big Move Ahead in the Markets?

The Chart Book: Big Move Ahead in the Markets?

If you’d like to see the previous Weekly Chart Book Updates, they can be found here: https://www.aspentrading.com/chart-books/ 

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