Boring Can Be Bullish – March 5th #SassyMusings

If boring is bullish consolidation, I'll take it.

If boring is bullish consolidation, I’ll take it.

  • I started the week not having much conviction on many of the momentum stocks. That obviously changed Tuesday.
  • I have been tracking FB calls across March and June and so far almost all the high open interest calls (many bought in blocks) are still there. After yesterday’s bullish day, I did get back in.
  • AMZN took a while, but finally paying nicely.
  • TWTR acting sluggish compared to some others, but that is not bearish. It’s just building steam. Even LNKD is looking attractive.
  • Some solars not looking so hot today, but others like FSLR look fine to me (and lots of calls being bought on that one recently).
  • Great move in financials that started last Friday. That’s a good sign as they have been acting crappy (likely due to the compressed yield curve).
  • I am short GLD with puts.
  • I tweeted a good number of charts today. There are some good set-ups that I like that you might want to keep an eye on for breakouts or that look to have bottomed (I’m trying to give ideas that you aren’t seeing over and over from other people already): AMGN, STJ, VMW, GT (buy on dips), ESRX, ICE, A, MA, ALGN, RHI, SINA, TRLA, TSL, ALNY, INCY, AWAY.
  • Chart of the day: courtesy of @Besboke Screen Shot 2014-03-05 at 2.08.18 PM
  • Furthermore, the Beige Book mentions ‘weather’ 119 times, ‘winter’ 54 times, ‘cold’ 31 times, ‘snow’ 24 times, and ‘storm’ 15 times.
    • Whether or not the weather is to blame for some of the slow down in the economy, I will say that I definitely did less shopping this winter than probably any other.
  • Tweet of the day: No one made me laugh out loud today. That is actually a good thing. I’ve noticed that on bullish days when I have trouble picking the tweet that got me to laugh the most, it’s usually a short term top.
  • For open interest updates and a note on open interest and pinning see my earlier post from today here.

If anyone knows someone that works at GOOG that can help me with something technical (meaning not a sales guy), please shoot me an email through my contact page. Thanks.