George Kelly

Long/short equity, growth, research analyst, ipos
George Kelly
Long/short equity, growth, research analyst, IPOs
Contributor since: 2011
The underlying is 300% of the inverse of the performance of the Russell 1000A
Congrats on your upcomming grad. Good article, I too see support at the 200MA of 11.93 and below that 10.50, the question is, how does WYNN report amc on Monday? If a good qtr by WYNN lifts the whole sector MGM could quickly recover the 4% it fell on Fri, poor news by WYNN and we're easily testing the 200MA
It looks as if the correlation between $SPX and $GOLD is already breaking down, right about 3/12 the price action began to diverge.

http://bit.ly/GRZNX4

Could very well be an indicator of a correction. If so, $GOLD should rally as the $SPX corrects. It'll be interesting to see if there is broad market correlation with a correction or, if fundamentals will buoy the rally's underperforming names, as you point out.


Paco,
I never offer individual investor advice. Pay attention to the technical's and remember that with a float of only 54 million shares (CAT, by comparison floats approx 645 million shares with the smallest float in the DOW) NFLX can move drastically either way in a single session.
Denny,
Although I don't use them, e-trade offers real time charting of options. Shares traded should be easy by monitoring "time and sales" feed on your trading platform, you can also simply add a volume lower indicator to your real time chart. Hope this helps!
Great insight whereisthefire,
I'd almost agree with you had there been a longer sideways trade at the base of the formation. I would interpret the chart as still in a confirmed downtrend until it breaks the YTD high near $130, failure to break through that may signal a double top. You are correct, the MACD has swung positive since the breakout on 3/19. The reduction in short interest confirms that a portion of the demand is being created by short covering.
humbletrader,
Thanks for the input. I interpreted the 8-K as granting the holder of the preferred stock the right to convert at any time after issuance with automatic conversion in 2016, Sec 6 of the 8-K:
"Holder's Right to Convert. At any time after issuance, each holder of any shares of Series A Preferred Stock then outstanding may, at such holder's option, elect to convert (a "Voluntary Conversion") all or any portion of the shares of Series A Preferred Stock ..."
Good call! Thanks for the analysis, led to a nice options trade. Well done!!