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Random Thoughts: BlackBerry, Facebook, Gold, and Elliott Wave

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Turnaround Tuesday arrives on cue.

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Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter.

It's a dark, dreary Turnaround Tuesday in the city of Gotham as traders strap into their turrets for the second act of our five-session set. The opening hue is pink (slightly red), but we know from experience that the first half hour of every session tends to be noisy and a truer tenor emerges at 10:00 a.m. EDT.

In an attempt to respect your time, some top-line vibes:
  • I was planning to punt the rest of my trading stock in BlackBerry (NASDAQ:BBRY) into the opening strength (and take a fresh look) but I was on a call in our conference room and emerged three minutes after the opening (and the stock already got hit). No biggie, as I sold 60% of the position into yesterday's hot-popper, and I'm not afraid to buy it lower.
  • I've got some Facebook (NASDAQ:FB) puts paired against that long exposure, so we'll see if that provides some downside relief. It's a pure trade with a buy-stop set above $29. As always, my risk will be updated in real-time on the Minyanville Buzz & Banter (click here for a free two-week trial!).
  • Per our Apple (NASDAQ:AAPL) vibes on January 30, if the stock approaches our target of $360-which is also a kitten's whisker from a 50% Fibonacci retracement of the up-thrust to $700-I plan to get involved in decent size for a trade. Circle it Newton; you never know.
  • The banks are a mixed bag-they're an important tell-and until they break, the tape won't either. They've been one of the best market tells for those who watch stocks for a living, so keep them on your radar even if you're not involved.
  • I'm paying particular attention to Deutsche Bank (NYSE:DB) and Barclays (NYSE:BCS)-our overseas financial proxies-as they were both under pressure yesterday. The German banking giant is off 15% in the last month, for those who are looking for potential clues to the fuse.
  • Gold is bouncing today-commodity volatility typically precedes equity movement-and I don't see any technical resistance coming into play until $1650, per the chart below.
  • For the broader market, S&P (INDEXSP:.INX) 1535-1580 is our technical context. I'm trading more stocks and less market until such time that the top-end of that band tag approaches (and creates a defined risk-reward). If and when we get there, I plan to unleash the hounds (on the short side) for a trade.
  • Only five more days of Mercury Retrograde -- thankfully.
  • The Bachelor is the "other side" of Monday Night Football, or "payback" as my wife likes to say.
  • Good luck today-these are tough times we're chewing through, but remember, we have to go through it to get through it…and we're going through it now.
R.P.

Disclosure: Minyanville has a business relationship with BlackBerry.

Twitter: @todd_harrison

Follow Todd and over 30 professional traders as they share their ideas in real-time with a FREE 14 day trial to Buzz & Banter.
Position in BBRY and FB.
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