Following the Action
The other day, I tossed up a chart of Express (EXPR), a name I had been bullish on until I saw that chart. There were several divergences evident, so I became very cautious. The next day and the following day, EXPR saw a ton of volume on the buy side for the January $15 calls, some of which caused the stock to pop a bit. It certainly had me rethinking my analysis. The chart has held though. In fact, the resistance at $15.50 was precise, but EXPR is now trading below the channel, which to me signals a gap fill is imminent and $13 should be seen by March.
...420 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.