Hello traders everywhere! Adam Hewison here, President of INO.com and Co-creator of MarketClub, with your mid-day market update for Wednesday, the 30th of October.
Stock To Watch - Deckers Outdoor (NASDAQ:DECK)
Here is a stock that is coming from a massive base and appears to want to move higher. All of the Trade Triangles are positive on Deckers Outdoor Corp (NASDAQ:DECK). On Monday, Deckers moved to its best levels in 18 months and appears to want to challenge some of its Fibonacci retracement levels. The first major level is $73.23, which represents a 50% retracement. The next major level is $83.92, which represents a 61.8% retracement. I expect this stock to stay strong for the balance of the year. As always with any trade, use money management stops to protect capital.
Apple Update
After moving to its best levels since the beginning of January, Apple (NASDAQ:AAPL) reversed on heavy profit taking and the heaviest trading volume in a month. The market action reminds me of recent action I saw in Netflix (NASDAQ:NFLX). It certainly did not change the major direction of Apple, it just perhaps slowed it down. I'm still looking for this market to move higher until the end of the year and still have targets set for a move to the $580, possibly $600, level.
Amazon Update
I really like the way Amazon (NASDAQ:AMZN) is acting. The last three days have been very bullish and with all of the Trade Triangles positive, I expect to see Amazon move higher to the $400 level. I see a very bullish scenario for Amazon for the balance of the year.
Talisman Energy Update
Another stock I'm watching closely this week is Talisman Energy (NYSE:TLM). A close over $12.85 will be the highest close for this stock in over 12 months. If I see a close over the $12.85 level, I expect to see this stock accelerate to the upside. I'm looking for this stock to trade as high as $20 a share. All of the Trade Triangles are green and show a strong upward trend for this stock.
Starbucks Earnings
Starbucks (NASDAQ:SBUX) reports after the close today and there is no question about it, Starbucks has been on a tear this year to the upside. Technically all systems are positive and it's going to be up to the earnings to propel this market higher.
Please feel free to leave your comments, feedback, and any questions below.
Have a great trading day,
Adam Hewison
President, INO.com
Co-Creator, MarketClub
Adam appears frequently on the following financial news channels as a guest expert. Click on any cable logo to watch Adam's latest appearance.
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