Option Investor
Newsletter

Daily Newsletter, Wednesday, 11/6/2013

Table of Contents

  1. Market Wrap
  2. New Plays
  3. In Play Updates and Reviews

Market Wrap

Playing Defense

by Keene Little

Click here to email Keene Little
Sometimes the right offensive play is a good defense -- defend what you've got and don't let the other side gain on you. Today saw a rotation out of some of the riskier stocks into the safety of the blue chips.

Market Stats

While the DOW got a big lift today from MSFT (up +4.2%), there were only 3 DOW stocks that finished in the red today. The riskier stocks in the tech and small-cap indexes finished in the red while the blue chips finished nicely in the green. Money rotated out of the higher-beta stocks, especially the stocks that have been seeing strong momentum to the upside, and into the relative safety of the blue chips. The utility sector was also the leading sector to the upside while biotech was the weakest. These are signs that fund managers want to reduce their risk while staying invested.

The RUT has been showing relative weakness since last week and the consolidation pattern for NDX looks like a distribution pattern (rallies are being sold), which adds to the look of a defensive market. Many pundits are beating the table about the buying opportunity here, citing the statistic that the market will likely rally into the end of the year now that we've made it through September-October. But the price action, especially between the indexes, doesn't support their view. The retail investor has bought (literally) into the idea of a higher market and the NYSE margin debt exceeding previous highs proves it.

Tops in the stock market are typically a painful process for both sides and it's the back and forth choppy price action that can whipsaw traders. We're certainly seeing plenty of that lately. Yesterday gapped down and sold off before turning sharply back up. Today gapped up and rallied before turning sharply back down. This is currently looking more like a market where the HFTs are playing with each other, using an initial market move and reversal to create higher liquidity for their trading programs. It's certainly a time for caution by both longer-term traders as well as day traders.

We received some more data on the bullish vs. bearish sentiment from AAII and their Asset Allocation Survey -- equity allocations in October reached a 6-year high (the highest level since September 2007, just before the October 2007 market high). Those who want in on the stock market rally have bought in. Cash allocations are at their lowest level in five months and margin debt is at all-time highs. So we've got fund managers all in and using leverage to buy more. That doesn't leave a lot of wiggle room if the market starts back down.

The Bull/Bear Ratio climbed strongly higher last week to 3.19. This was up from 1.96 just two weeks prior and that's a rapid expansion of the number of bulls vs. bears. It means a lot of bears have capitulated and the percentage of bears fell to 16.5%, which is the lowest number since May 2011. That was when the market peaked and then went on to lose more than 21% into the October 2011 low. When the ratio climbs above 3 (3 bulls for every bear) it's often been the conclusion of the bull market, which makes sense since everyone who believes the rally will continue have already bought in, leaving a dearth of buyers to push it higher. After all, it's just one big Ponzi scheme. Caveat emptor.

But for now the bulls are tenaciously holding the market up and simply the lack of selling keeps the bulls in charge. I've been using the DOW for a while now to show the bullish potential for the market and that hasn't changed. In fact the DOW's pattern is looking more and more like the correct one, even if it doesn't continue higher, so I'll start off with its charts tonight.

As mentioned previously, we have the statistic that says a market that's up at least +10% through October will typically continue to rally into year-end and tack on another +6%. For the DOW, another 6% above October's closing price gives us an upside target near 16500. On the weekly chart I've been showing two price projections that point to 16700 so clearly the 16500-16700 area is a good target zone if the bulls keep up the pressure and the bears stay in hibernation. The top of the DOW's up-channel from October 2011 crosses 16700 at the end of December. But there's also reason for caution right here.

The weekly chart below shows the upside targets that I'm watching, the first of which has now been reached. For the 5-wave move up from June 2012 the 5th wave is 62% of the 1st wave at 15725, which was reached today. This is considered the normal minimum for the 5th wave so it could lead to a reversal of the rally from June 2012 at any time. Only slightly higher is the trend line along the highs from May, currently at 15771. The next level of resistance is the trend line along the highs from 2000-2007, near 16130. And then above that is the top of the up-channel from October 2011, near 16500 by the end of November, and finally the 16700 projections. There are a few road blocks to a further rally but the bulls haven't shown much worry about any road blocks so far.

Dow Industrials, INDU, Weekly chart

The trend line along the highs from August-September, near 15771 on Thursday, might not be that important but the top of an up-channel from June might be. The May and July highs are at the top of the channel and it's currently near 15810 so a rally much above that level would be more bullish and would likely point to at least the next resistance level near 16130 (the trend line along the highs from 2000-2007). The bearish divergence at the current high vs. the September high is another reason for caution by the bulls, especially since we have a wave count that can be considered complete at any time.

Dow Industrials, INDU, Daily chart

Key Levels for DOW:
- bullish above 15,820
- bearish below 15,520

The DOW's 60-min chart below shows the leg up from October 9th, which counts as the 5th wave in the move up from June 2012 (to complete the a-b-c move up from October 2011). It's a bit of an awkward count but it fits. The 5th of the 5th wave is the move up from Tuesday morning and it too needs to be a 5-wave move, which it now is (although I could argue for another small pullback/consolidation followed by one more minor new high into Friday). The bottom of its up-channel from October 15th has been holding as resistance since breaking on October 31st. The repeated back tests, which the DOW loves to do, point to an ending rally, not something stronger. It's now getting pinched between the uptrend line from October 9th through the November 1st low, the bottom of its up-channel and the trend line along the highs from August-September. The uptrend line was broken with Tuesday's gap down and recovered with today's gap up. Another break would be meaningful and at 15717 Thursday morning the bulls are going to need to hold it.

Dow Industrials, INDU, 60-min chart

Money flowed into the blue chips today and out of the riskier techs and small caps. It's much easier to sell out of a highly liquid blue chip than a smaller thinly traded small cap. SPX benefitted from the rotation today as well but not as much as the DOW. This morning's high near 1774 was about a point shy of testing its October 30th high and is showing bearish divergence, which is another warning sign for the bulls since it could be forming a double top.

The October 30 high and today's high are only a few points shy of the 1778 price projection for two equal legs up from 2009, as shown on its weekly chart below. That price projection crosses the top of the up-channel from October 2011 this week. There's higher potential to the price projection at 1829 where the c-wave in the move up from October 2011 would be 162% of the a-wave, which is the depiction in green on the weekly chart below (the equivalent projection for the DOW is the one at 16700). I'm showing the 1829 projection being achieved by the end of the year but it would be in jeopardy if SPX breaks its uptrend line from November 2012 again, currently near 1693.

S&P 500, SPX, Weekly chart

On the SPX daily chart below I show a little more upside potential for Thursday, perhaps back up to the top of its up-channel from 2009, near 1781. That would also have it achieving its 1778 price projection. One other thought is that we could see price simply spend the rest of the week consolidating sideways before heading up again next week (opex). A break below 1750 should worry the bulls but stay bullish above that level.

S&P 500, SPX, Daily chart

Key Levels for SPX:
- stay bullish above 1750
- bearish below 1730

The choppy sideways consolidation has continued for NDX in an even tighter pattern than we see for the DOW and SPX. Other than Tuesday's small white candle we've seen mostly little red candles as rally attempts have been sold. The consolidation looks like a bullish continuation pattern but this is the same way previous major highs have been formed and it took bulls by surprise when it suddenly broke down instead of rallying. Only time will tell if the same thing will happen again but the little red candles have it looking more like a distribution pattern than accumulation that I would have expected to see if it was consolidating for another run higher.

Nasdaq-100, NDX, Daily chart

Key Levels for NDX:
- bullish above 3410
- bearish below 3300

I've been following a rounding topping pattern for NDX as it's been consolidating and I've adjusted it slightly to accommodate the lengthening consolidation. Between the downtrend line from October 30th and the rounding top we're close to seeing a break of resistance and that could lead to another leg up to confirm the bullish continuation pattern. The top of the up-channel from June and the trend line along the highs from December 2012 - May 2013 intersect near 3420 at the end of the week so that would be a level of interest if reached. But a break below the shelf of support near 3367, for more than just a quick break, would likely be followed by strong selling (from a failed bullish pattern).

Nasdaq-100, NDX, 60-min chart

After the RUT reached the top of its rising wedge (trend line along the highs from September 2012 - July 2013) it has been a weaker index than the others. While the short-term pattern for the pullback remains unclear (as to whether or not it confirms a top is in place), the daily chart is looking good for a top in place. Obviously that would change if it rallies above its October 30 high at 1123 but today's close below its 20-dma, which has been providing support since the November 1st test, suggests we're going to see this index head lower. Money is rotating out of the higher-beta stocks and it will be worth watching to see if the current bifurcation between indexes continues (supporting the idea that the bearish non-confirmation points to a major high forming for the market).

Russell-2000, RUT, Daily chart

Key Levels for RUT:
- bullish above 1135
- bearish below 1087

TNX (10-year yield) is close to giving us a bullish breakout signal if it can rally from here. Tuesday's rally had it breaking its downtrend line from September as well as climbing back above its neckline, both now 2.628%. Today it pulled back to test the lines as support, which sets it up for a continuation of its rally. But a breakdown would give us a failed breakout attempt and point lower. It's currently trapped between its 20-dma at 2.593 and its 50-dma at 2.692 so a break of either of those would also likely tell us which direction it's heading next.

10-year Yield, TNX, Daily chart

The TRAN has given us a sell signal after its head-fake break on Monday above the top of its up-channel from June. The failure to hold above the top of the channel, which was tested at today's high, is what gives us the sell signal. The wave count can be considered complete and a break below its October 31st low near 6929 would confirm the top is in.

Transportation Index, TRAN, Daily chart

Following the dollar's breakout from its bullish descending wedge pattern I thought it was ready for a pullback and perhaps a back test of its broken downtrend line from July. It's been consolidating since Sunday night's high and it could still pull back some more but at the moment the consolidation looks bullish for more upside.

U.S. Dollar contract, DX, Daily chart

As the dollar has consolidated so too have the metals and other commodities. Gold is consolidating around its 20-dma, currently at 1318.40, and below its 50-dma at 1332. Assuming it will break down further once the dollar starts rallying again, we should see gold test its uptrend line from June 28th and it could stay inside a sideways triangle pattern for a little longer but as long as it stays below its October 28th high it remains bearish.

Gold continuous contract, GC, Daily chart

Oil got a nice little bounce today (up +1.24, +1.3%) off its late-June low but better support should be at its uptrend line from June 2012 - April 2013, now near 91.60. That would be a nice setup for a bigger bounce before continuing lower.

Oil continuous contract, CL, Daily chart

Economic reports begin to pick up a little speed for the rest of the week and while we'll get a little employment data on Thursday it will be Friday when we hear how well nonfarm payrolls have done. There will be all kinds of explanations for the poor number (+85K expected), especially with the government shutdown so there might not be much of a reaction to the number. As always, the market will be trying to figure out if the numbers will continue to be bad enough to keep the Fed fully engaged in their QE program.

Economic reports and Summary

Prior to today the techs were getting a lift presumably from some of the excitement surrounding the TWTR IPO tomorrow, which is expected to do very well. Bullish sentiment is showing up in the IPO market as well and I can't help but wonder how the market would react if the IPO did not go well. Even if it does go well, it wouldn't be the first time a market high was made on the day of a highly-anticipated IPO.

The market has remained bullish if for no other reason than the sellers haven't shown up yet. Or at least the selling is being masked by smart liquidation efforts by the big funds. But a pattern that looks like distribution, especially in the techs as they consolidate, and a rotation out of the small caps into the blue chips gives me the feeling we're seeing a topping pattern. But it's a tricky spot -- there's clearly some additional upside potential and the momentum, even if it's waning, is to the upside. Therefore it makes sense that the bears have stayed in hibernation.

If the market is topping, or at least with fund managers getting a little defensive, we're probably just one catalyst away from some stronger selling. Bullish sentiment is very high and traders are using a large amount of debt to buy their positions. It wouldn't take much selling to start the margin calls, which of course results in more selling. That's the potential danger when we have high margin debt levels with high equity-to-cash ratios -- the selling can become much more intense than it might have otherwise been. Selling simply begets more selling and the market doesn't have any more buyers to prop things back up. People will wonder why the market is selling off so hard on no news, or even on good news.

There are plenty of reasons to believe the stock market is overpriced and overbought, which makes it hard to buy into it. But the trend is your friend and even if you don't want to chase it higher here we know it's a risky time to short it. Wait for some confirmation of a breakdown and then look to short the bounces. It's getting whippy out there so stay protected and trade carefully.

Good luck and I'll be back with you next Wednesday.

Keene H. Little, CMT

In the end everything works out and if it doesn't work out, it is not the end. Old Indian Saying


New Plays

Consumer Goods & Financials

by James Brown

Click here to email James Brown


NEW BULLISH Plays

Colgate-Palmolive Co. - CL - close: 66.01 change: +0.65

Stop Loss: 64.75
Target(s): 70.00
Current Gain/Loss: unopened

Entry on November -- at $--.--
Listed on November 06, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 3.6 million
New Positions: Yes, see below

Company Description

Why We Like It:
CL is in the consumer goods sector. The company makes a wide range of consumer products around the globe. The company's most recent earnings report in late October was a lackluster affair. Yet that didn't stop investors from buying the post-earnings dip and shares surging to new all-time highs. CL has turned into a momentum stock with shares up four weeks in a row and working on its fifth weekly gain.

Currently CL is hovering below resistance near $66.00. I am suggesting a trigger to open bullish positions at $66.25. If triggered our multi-week target is $70.00 but we will adjust this as needed.

Trigger @ 66.25

Suggested Position: buy CL stock @ (trigger)

- (or for more adventurous traders, try this option) -

Buy the 2014 Jan $65 call (CL1418a65) current ask $2.30

Annotated chart:



Evercore Partners - EVR - close: 52.26 change: +1.03

Stop Loss: 49.95
Target(s): 59.00
Current Gain/Loss: unopened

Entry on November -- at $--.--
Listed on November 06, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 439 thousand
New Positions: Yes, see below

Company Description

Why We Like It:
EVR is in the financial sector. The company is an independent investment banking firm. The company's most recent earnings report was better than expected with EVR beating Wall Street's estimates on both the top and bottom line. The stock surged to a new high following its earnings results (the spike higher on October 24th). Since then EVR has corrected but investors are buying the dip near its intermediate trend of higher lows.

Wednesday's high was $52.37. I am suggesting a trigger to open bullish positions at $52.50. If triggered our multi-week target is $59.00. More aggressive investors could aim higher since the Point & Figure chart for EVR is bullish with a $69 target.

Trigger @ 52.50

Suggested Position: buy EVR stock @ (trigger)

Annotated chart:




In Play Updates and Reviews

Small Caps Underperform

by James Brown

Click here to email James Brown

Editor's Note:
The S&P 500 and Dow Industrials posted gains but the Russell 2000 and the Dow Transportation average both underperformed. This underperformance could be a warning signal.

EAT and HAL hit our entry triggers. EWBC was closed. MU has been removed.


Current Portfolio:


BULLISH Play Updates

Adobe Systems - ADBE - close: 54.88 change: +0.09

Stop Loss: 53.40
Target(s): 58.50
Current Gain/Loss: + 2.6%

Entry on October 22 at $53.50
Listed on October 21, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 3.6 million
New Positions: see below

Comments:
11/06/13: Wednesday proved to be a relatively quiet day for shares of ADBE. It looks like short-term technical support at the rising 10-dma will hold. I am not suggesting new positions at this time.

current Position: long ADBE stock @ $53.50

- (or for more adventurous traders, try this option) -

Long 2014 Jan $55 call (ADBE1418a55) entry $1.95

11/04/13 new stop loss @ 53.40
11/02/13 new stop loss @ 52.40



Brinker Intl. Inc. - EAT - close: 45.63 change: +0.09

Stop Loss: 43.75
Target(s): 49.75
Current Gain/Loss: - 0.3%

Entry on November 06 at $45.75
Listed on November 05, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.4 million
New Positions: see below

Comments:
11/06/13: Our new play on EAT has already been triggered. The stock gapped open higher at $45.73 and almost hit $46.00 before paring its gains. Our trigger to open bullish positions was hit this morning at $45.75. I don't see any changes from our Tuesday night new play description. Although more nimble traders may want to consider buying a dip near $45.00, which should be new support.

Earlier Comments:
The latest data listed short interest at 10% of the 65.5 million share float. If this rally continues it could spark some short covering. Our target is $49.75. More aggressive traders could aim higher. The Point & Figure chart for EAT is bullish with a $67.50 target.

I want to urge a little caution if you plan to use the call options. EAT's January options have some relatively wide spreads. The 2014 January $45s seem to be the exception for now but that doesn't mean the spread will stay this narrow (it could get worse).

current Position: long EAT stock @ $45.75

- (or for more adventurous traders, try this option) -

Long 2014 Jan $45 call (EAT1418a45) entry $1.70*

*option entry price is an estimate since the option did not trade at the time our play was opened.



HB Fuller Co. - FUL - close: 48.52 change: -0.06

Stop Loss: 46.95
Target(s): 49.75
Current Gain/Loss: + 5.0%

Entry on October 15 at $46.20
Listed on October 12, 2013
Time Frame: 4 to 8 weeks
Average Daily Volume = 405 thousand
New Positions: see below

Comments:
11/06/13: It was a quiet day for FUL. The stock didn't see the same volatility that the major indices experienced today. There is no change from my prior comments. More conservative traders may want to raise their stop loss closer to the $47.50 area.

Earlier comments:
Our target is $49.75. More aggressive traders may want to aim higher. FUL's point & figure chart has created a spread triple-top breakout buy signal with a $62 target.

current Position: long FUL stock @ $46.20

11/04/13 new stop loss @ 46.95
10/29/13 new stop loss @ 46.75
10/22/13 new stop loss @ 45.75
10/17/13 new stop loss @ 44.95
10/15/13 be careful. FUL hit our trigger on a very brief intraday spike
10/14/13 adjust entry trigger to $46.20 from $46.15



Halliburton Co. - HAL - close: 54.40 change: +1.27

Stop Loss: 52.40
Target(s): 57.50
Current Gain/Loss: + 0.5%

Entry on November 06 at $54.15
Listed on November 04, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 7.8 million
New Positions: see below

Comments:
11/06/13: Our HAL trade has been triggered. The stock displayed relative strength with a +2.39% gain. Traders bought the dip at its rising 10-dma this morning and then broke out past resistance near $54.00. Our trigger was hit at $54.15. I would still consider new positions now at current levels.

The move may have been fueled by news out this morning. HAL said they plan to expand in the deepwater market by at least 25% faster than the market growth rate over the next three years (source: Reuters). HAL also boosted its quarterly cash dividend by 20% to 15 cents per share. The next dividend is payable on Dec. 27th to shareholders on record as of Dec. 6th.
FYI: The Point & Figure chart for HAL is bullish with a $62.00 target.

current Position: long HAL stock @ $54.15

- (or for more adventurous traders, try this option) -

Long 2014 Jan $55 call (HAL1418a55) entry $1.78



Krispy Kreme Doughnuts, Inc. - KKD - close: 25.74 change: +0.41

Stop Loss: 24.75
Target(s): (sold half @ 23.25) exit the 2nd half at $26.50

Current Gain/Loss: (+14.5%) 2nd half = +26.8%

Entry on October 03 at $20.30
Listed on October 02, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.25 million
New Positions: see below

Comments:
11/06/13: I am urging caution here. Traders may want to exit and lock in gains. The stock garnered some bullish analyst comments this morning. KKD reacted by surging to $26.40 but eventually pared its gains. Today's +1.6% gain still outperformed the major indices but the pullback from its high is might suggest a short-term top. Since we've been aiming for $26.50 readers may want to just exit now.

I am raising our stop loss to $24.75.

Earlier Comments:
KKD is prone to some intraday spikes. I am suggesting small positions to limit our risk.

*small positions*

current Position: Long KKD stock @ $20.30

11/06/13 new stop loss @ 24.75, readers may want to exit now.
11/05/13 new stop loss @ 23.90
10/29/13 new stop loss @ 23.40
10/22/13 Exit Strategy Update: We are raising our exit target on the second half of our trade from $24.75 to $26.50.
new stop loss @ 22.85.
10/19/13 new stop loss @ 22.40
10/14/13 new stop loss @ 21.85
10/08/13 new stop loss @ 21.40
10/08/13 1st target hit at $23.25 (sell half) +14.5%
10/05/13 Strategy Update: new stop loss @ 20.45
Plus, we want to sell half of our position at $23.25 and then exit the rest of our position at $24.75.



Consumer Staples ETF - XLP - close: 43.09 change: +0.46

Stop Loss: 41.65
Target(s): 47.50
Current Gain/Loss: + 0.8%

Entry on October 29 at $42.75
Listed on October 28, 2013
Time Frame: 9 to 12 weeks
Average Daily Volume = 7.0 million
New Positions: see below

Comments:
11/06/13: The XLP was back to showing relative strength again. This ETF surged +1.0% and broke out to a new all-time high. I am raising our stop loss up to $41.65.

current Position: long the XLP @ $42.75

- (or for more adventurous traders, try this option) -

Long 2014 Jan $43 call (XLP1418a43) entry $0.71*

11/06/13 new stop loss @ 41.65
10/30/13 FYI: today's session has created a bearish reversal pattern. Look for a dip back toward $42.00.
*option entry price is an estimate since the option did not trade at the time our play was opened.



Yandex N.V. - YNDX - close: 38.27 change: +0.75

Stop Loss: 35.90
Target(s): 1st target @ 41.75, 2nd target @ 44.50
Current Gain/Loss: - 0.6%

Entry on November 04 at $38.50
Listed on November 02, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 3.2 million
New Positions: see below

Comments:
11/06/13: YNDX was also showing some relative strength today. Shares spiked higher with the market at the open and closed near its highs for the session. Today's +1.99% gain outperformed the major U.S. indices. Readers might want to wait for a rally past $38.65 before initiating new positions.

Earlier Comments:
I want to caution you that this is an aggressive, higher-risk trade. YNDX can be a volatile stock. Our first target is $41.75. Our secondary, more aggressive target is $44.50.

*small positions*

current Position: Long YNDX stock @ $38.50

- (or for more adventurous traders, try this option) -

Long 2014 Jan $40 call (YNDX1418a40) entry $1.75



BEARISH Play Updates

Teradata Corp. - TDC - close: 42.98 change: +0.35

Stop Loss: 47.05
Target(s): 37.00
Current Gain/Loss: + 1.0%

Entry on November 04 at $43.40
Listed on October 31, 2013
Time Frame: 4 to 8 weeks
Average Daily Volume = 4.1 million
New Positions: see below

Comments:
11/06/13: After a five-day decline TDC produced a little oversold bounce today. Gains were mild but shares still outperformed the market with a +0.8% advance. I am not suggesting new positions at this time.

Earlier Comments:
The $40.00 level might be round-number support but we're aiming for $37.00. FYI: The Point & Figure chart for TDC is bearish with a $22.00 target.

current Position: short TDC stock @ $43.40

- (or for more adventurous traders, try this option) -

Long 2014 Jan $40 PUT (TDC1418m40) entry $0.90

11/04/13 triggered at $43.40
11/02/13 adjust entry trigger from $43.50 to $43.40



CLOSED BULLISH PLAYS

East West Bancorp - EWBC - close: 33.60 change: +0.10

Stop Loss: 32.90
Target(s): 39.00
Current Gain/Loss: - 3.1%

Entry on October 29 at $34.71
Listed on October 23, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 1.2 million
New Positions: see below

Comments:
11/06/13: EWBC has not been performing well. We decided last night to cut our losses and exit positions at the opening bell this morning. Fortunately for us the market spiked higher this morning and EWBC gapped open higher at $33.64.

closed Position: long EWBC stock @ $34.71 exit $33.64 (-3.1%)

11/06/13 planned exit
11/05/13 prepare to exit tomorrow morning
10/31/13 EWBC is not performing well. Trades may want to exit early now
10/29/13 trade opened on gap higher at $34.71.
10/28/13 adjust entry point to $34.60 from $34.50. Today's high was $34.49.

chart:



Micron Technology - MU - close: 17.50 change: -0.17

Stop Loss: 17.40
Target(s): 19.90
Current Gain/Loss: unopened

Entry on November -- at $--.--
Listed on November 02, 2013
Time Frame: 6 to 8 weeks
Average Daily Volume = 52 million
New Positions: see below

Comments:
11/06/13: MU has not performed as expected. Shares displayed relative weakness today. Our trade has not opened yet so we are removing MU as an active candidate.

Trade did not open.

11/06/13 removed from the newsletter. suggested trigger was $18.05

chart: