The Shakedown 9/23/18


Stock Picker's Market

We're consistently seeing much of the same action week after week. In a general sense, we're uptrending but chopping on the way up to do so. We're not seeing the market rip higher day after day, we're witnessing more of a grinding move upwards with scattered selling. The Nasdaq has definitely been lagging the broad market in the past few weeks as we've seen tech a bit weaker and sectors such as industrial and defense stocks lead the way. So when we saw Tech/Nasdaq breakout off of support Thursday, that is a move you want to see continue higher with some follow through. However, a bearish engulfing day followed on Friday, which was a bit concerning. I'm taking trades as I see fit but a bit cautious at these levels. This week marks the final week of the third quarter with earnings set to ramp up mid-October. 


With retail strong, and a positive earnings report recently behind it, GIII is looking to breakout this week through $48.30. Coming off an inside week, this thing is TIGHT. The setup looks especially good after the week of consolidation where it turned that $46.50/47 previous resistance area into mini support. I'll look to play off that area this week.

Trigger: $48.30

Stop: $46.49

Target: $54-58+

Hope to see you in the chat Monday!

I won't be around much end of week as I'm heading to Amsterdam for a trip. 

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