My favorite stock for the last couple weeks or so PYPL reports earnings before the open Tuesday. The stock is up about $4.50 from where subscribers are long. The stock looked so good to me that when I got long I made the decision to sit through earnings. Hopefully the bullish action in the stock for the last couple months means that the big money knows, and earnings won’t disappoint. The current level around $68 in PYPL has been an important level going back years and has produced a large number of inflections. The fact we are testing the $68 level around earnings I think means that if I am right $68 will be the new support assuming earnings are okay. PYPL chart attached.

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Also short NIKE which is about 40 cents below my entry. I don’t see anything else that really reps something I want to be involved in. The market overall as represented by the SP 500 index has been stronger than I thought. I am not so much a bear as a bull that thinks we need another leg lower to either a higher low or possibly a lower low. But lower than this. Until I see a better buy set up in something I am standing aside except for the two stocks above.   

Thanks,

Joe