On Monday April 23rd, we are hopefully going to initiate two new positions.
The first one is Apple Inc. (AAPL) - like I need to give you the symbol. This particular trade is going to be played much tighter than a normal trade on the downside so it could be a quick one. However, if the charts work out the way I expect, this stock will not break $89 1/2 and has over 20 points of upside - the Up/Down Ratio is an 11. The trade will be closed out if the stock touches $89 and I will be looking for an upside price target of $124. Special note on the P&F chart - I am concerned with the High Pole formation that just occurred and that is the main reason for the extra tight stop.
I will look to initiate the purchase of 100 shares of the stock anywhere under the $91 level.
The second position for 4/23 is Red Robin Gourmet Burgers. I want to be clear, I am not looking to buy this stock because I love their burgers (I really do). The business is growing at a really nice rate and the charts look good as the stock continues to recover from a prior earnings miss. The downside for this trade is at $39 3/4 and the upside target is $58 - for an Up/Down ratio of just over 13.5.
I will be patient on this one and look to initiate the position of 150 shares at a level between $41 and $41 1/4.
Enjoy the weather if you live in the Northeast.
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