Think Priceline (PCLN) is going higher? Here…name your price. (April 14, 2015)
Look, don’t tell anybody, just keep this between us girls here, this is the high from yesterday on Priceline ( NASDAQ:PCLN ), effectively 1210.00, one thousand two hundred and nine dollars and ninety-one cents. I could be wrong about this, but my bet is if this stock starts trading above 1210.00 you’re going to have a nice big move, like 10, 20, 30, 40-point move in a few days. Why?
Because that’s just the way this stock trades. It is a wild Anaconda that on most days will kind of lull you to sleep; like that day, these days, it just doesn’t really do too much. But every once in a while, look at these big bars here, this big row of bars is long enough to please any Irishman, sorry I couldn’t resist that, being Irish and having it be almost the end of the day when I’m doing this.
So this stock moves, when it moves it moves big, here it’s been drifting sideways. This isn’t a prediction though I am putting my money where my mouth is. If this stock starts trading above 1210.00 it could move up another 20 or 30 points pretty quick, because look at the direction of the stock. It broke out of a big nasty downtrend there, came back to test that level here, lets just draw some lines, came back to test that level and is now moving higher again.
This is what turnarounds look like. I’m an Expedia guy by the way, I use that, I don’t think I’ve ever used Priceline ( NASDAQ:PCLN ); I didn’t really like “Star Trek” that much either though I thought the “Tribbles” episode was kind of cute. But somebody likes Priceline ( NASDAQ:PCLN ) because this stock has bottomed; now it’s in this one big solid consolidation level here.
Look, it has been to this level before and I’m telling you if this breaks out above 1210.00 it could be at this level again. It doesn’t seem like that big of a percentage move, does it? Not really that much, not even 5 percent, but if you’re trading call options, yippee ki-yay, that’s a rush.
The market is getting ready to go higher. I know there’s a lot of people, some of whom used to be creditable, that are talking about the market going lower and, “Oh, this is it we’re going to get a big decline.” Those fools have been saying that for so long that you just kind of tune them out. The bottom line is, the market is going higher. There’s no creditable prediction, at least that I look at, that gives me the sense that the market’s going anywhere other than higher.
This is the one fly in the ointment, the transports ( DJ-20 ), unable to get above 9200.00, now they’re kind of printing lower highs, lower lows here at around the 200-day moving average. That is the fly in the ointment for me. By the way, that was also a large fly in the ointment back in 1999; transports were massively negatively diverging from the rest of the market but everybody was all dot-comed out.
You want to pay attention to this but I’m telling you this market wants to go higher, and if it does I think you’re going to have a nice little move here in Priceline ( NASDAQ:PCLN ). They announce earnings on the 7th of next month, that’s like three weeks from now, there’s a lot of time for this stock to be moving higher, so ladies and gentlemen, place your bets.
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