On Friday April 23, Mike Paulenoff alerted MPTrader members to an upside opportunity in Advanced Micro Devices (AMD) ahead of its earnings release on Tuesday April 27:
Mike wrote: "Right now, we should lean towards a bullish reaction to the news, and if 85 is hurdled and sustained, then AMD will be positioned for upside continuation."
However, Mike cautioned that the stock needed to get above the 90 resistance area or could stall and reverse lower.
Indeed, the stock, which was trading at 82.85 at the time, rallied ahead of and immediately after releasing earnings on Tuesday, but reversed and pressed lower from a post-earnings spike high at 89.90 on Wednesday -- right beneath resistance -- to close the week at 81.62.
In fact, on Wednesday morning, with the stock at 89.29, Mike wrote: "In that my near term Momentum work shows AMD pushing into serious overbought condition, I will not be surprised if the post-earnings up-spike stalls and digests the gains in the 85 to 90 area, after which AMD will show its hand."
Mike's guidance to MPTrader members provided a valuable heads-up about a potential sell-the-news scenario if AMD failed to sustain gains above 90.
This is the quality of the in-depth market and technical analysis that Mike provides throughout every trading day in the MPTrader live room.
On Friday June 17, Mike Paulenoff posted an alert to MPTrader members about an emerging setup in AMZN:
AMZN is one name that pops out at me that should benefit from an initial and sustained correction in traditional energy and transportation costs. AMZN needs to climb above and sustain 110 for my work to generate a more confident technical signal, otherwise, I cannot rule out another loop down that tests and breaks key May-June support at 101.26 to 101.
Last Wednesday, prior to the official FOMC rate hike of 75 bps, Mike Paulenoffwarned MPTrader members about the likelihood of additional weakness in the beleaguered home builders, writing about the ITB (iShares US Home Construction ETF):
In that, neither my pattern work nor my intermediate-term Momentum gauges offer much technical confidence that ITB will be able to carve out a meaningful corrective basing area in and around 53.
Back on May 13, amid a thrust in the price of Crude Oil from $95/bbl to $112/bbl, Mike Paulenoff alerted MPTrader members to an actionable technical setup in energy producer PSX (Phillips 66), writing:
My work has been extremely friendly since the beginning of May, looking for PSX to break out of its 11-month corrective accumulation pattern that will trigger a thrust towards a potential target zone of 110-115.
On Thursday May 19, in the midst of some serious weakness and carnage in the retail sector that had equity market-watchers doubting the resiliency of the almighty US consumer, Mike Paulenoff turned MPTrader members attention to PARA (Paramount Global), writing:
For the past 5 months, we could make the technical argument that PARA has carved out an accumulation-base formation that attracts buyers every time the stock dips beneath 29.00. We can also make the case that every time the stock climbs above 36.
On March 11, with AAPL in a month-long down-leg and trading at 156.34, Mike Paulenoff posted a relatively bullish analysis for MPTrader members, writing:
I am watching AAPL more closely than usual these days, as a bellwether for the health/vulnerability of the overall market.