Latest stock picks from Playbook of the Week play bullish on ETSY
Below is an excerpt from yesterday’s broadcast. Schaefer’s playbook of the week, featuring Matthew Tinpein, Senior Market Strategist at Shafer.Below, Matthew makes a strong case Etsy Inc. (NASDAQ:ETSY).
“I am still a little cautious as there has been a very big move in the market. But the pace is hot and heavy, but we still have to lean on the bullish side. ETSY is breaking out. Downtrend and cup-and-handle type positions. Also above the 200-day moving average and the -50% level.
The stock has also cleared $115, which is where put interest is building up significantly.
You can also see that the confluence of the moving average lines is rising to the right. $100 should be the support level in case of a major pullback this week.
Nine analysts still hold their ‘hold’ ratings, so there could be a change there. Etsy has short his market covered for the holiday season, but short interest rates are at his 9.8% of the stock float, past its three-year peak.
Option traders love puts. On the International Stock Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock boasts his 50-day put/call volume ratio of 1.71, in the 85th percentile of its annual range. Ranked.
Located in the 28th percentile of the annual range, according to ETSY’s Shaffers Volatility Index (SVI), the stock now offers an attractive price premium.In addition, stock Schaeffer Volatility Scorecard (SVS) scores as high as 83 out of 100.”
