SPY

The SPY pulled back to 254s area then resumed its upward movement as expected.

From here I expect it to hit the 264s area as mentioned last week.

Notable Options Activity:

XBI

The biotech sector have formed potential reversal pattern and bounce higher to 85.8 if the 81.5 level acts as support level.

Trade Ideas & Updates:

  • STX still didn’t hit our entry and I’ll be looking to lower my order to 35.7-36 as it’s still not showing support level.

CELG

Shares of Celgene plunged after the company reported Q3 revenue rose to $3.29 billion from $2.98 billion a year ago but lagged the $3.42 billion consensus.

The company also said it now expects FY probably come in at $13 billion – below with average analyst estimate of $13.23 billion.

The stock pullback could be justified but not the magnitude and I’ll be looking for a bounce trade for the week ahead.

The stock has a potential support level at 94.6-95 where I’ll be looking to start long position as the stock could bounce to 106.

 

Entry

 

94.6-95.6
Target 106
Stop loss 92.9

 

Notable options Activity:

NBIX

NBIX formed potential reversal off the 50 SMA after minor pullback, from here it may resume its upward trend and head to 67.

Fundamentally the stock is undervalued and has 78 target.

 

 

Entry

 

59.77-60.33
Target 67
Stop loss 59.13

 

Notable options Activity:

MGNX

Macrogenics shares jumped after the company said it has struck an agreement under which INCY has obtained exclusive worldwide right for the development and commercialization of MGA01.

It will receive upfront cash payment of $150M and it will be eligible to receive up to $420 and $330 if certain milestones are met.

Technically the stock has formed potential bullish reversal off support after fading the gap and could bounce.

 

 

Entry

 

18.5-18.86
Target 20.6 then 24
Stop loss 18.1

 

SWN

SWN’s could have formed a potential reversal from a support level (triple bottom on the weekly time frame.

The stock is undervalued at the current level and crude oil has bounced nicely since July which is not reflected in the stock price.

 

Entry

 

5.11-5.3
Target 6.24
Stop loss 4.89

 

CSIQ

CSIQ stock broke out after FSLR beat earnings and closed over the MovLreg 90.

CSIQ is undervalued comparing to its peers and could be heading to the 21 level.

 

Entry

 

16.5-16.7
Target 17.9 then 21.3
Stop loss 16.3

 

  • Canadian Solar Inc. is expected* to report earnings on 11/09/2017 before market open

Notable Options Activity:

Notable positions in the option market in stocks reporting earnings the weeks ahead:

Yelp Inc.

expected* to report earnings on 11/01/2017 after market close

BABA

expected* to report earnings on 11/02/2017

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