Last Week’s Winners, Long & Short Ideas For This Week

Winners from last week:

FAS – Entry 6/20 $23.09 exit 6/14 $24.46 = +5.7%

QLD – Entry 6/21 $ 79.75 exit 6/22 $82.81 = +3.7%

TZA – Entry 6/22 $38.04 exit 6/23 $40.86 = +7%

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I like ZSL for a short this week if SLV can get back to $33.20 – $33.50.

I like the short side value SLV has a $33.50. From this area, it would be 9% away from the downside target on SLV of $33.60.

You can use ZSL to short SLV to maximize profits. 9% x 2 = 18%. With SLV at $33.50, expect ZSL to fall to at least $19.50 which would make the upside target about $23. There is a nice pivot at $23 and a big gap to fill just above that area but you can bet I will have unloaded before then. Adjusting for entry and exit, you should be able to make at least 15% of off this. Stop is a confirmation above $34 on SLV.

I put out my entry of LOGI at $10.37 on Twitter today and will continue to use it to disclose entry and exit points intraday. Though this is a weak stock that is in a downtrend, it just tagged the resistance level that it broke out of in March 2009 after the financial crisis. Obviously, this is a long term support level and should be good for at least a small bounce.

Again, this stock is in a downtrend and carries a little bit more risk than normal, but going into today it was very overextended from its 20 MA and it also pierced that 2009 low this morning before rallying about $.25 higher near the flatline for a slightly negative close. It has a gap to fill at $11.10 which is the first target, and could potentially rally to the 20 MA around $11.70 but I won’t be holding it that far unless it gaps much higher tomorrow and stages a robust reversal. If that isn’t the case, which is what I am expecting, then I’ll probably be a seller at $11.05 for a gain of $6.2%.

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About Aaron Basile
Market Technician, Equity/Commodity Trader, Austrian Economist, Contrarian Investor

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