stocksgirrl said..... "not only will it see $60 again- it will see below $60 again too ;) due alone to being severely overbought- not on a fundamental basis"
How ya feeling now stocksgirrl? After hours trading has SWKS now at $67.43 only $.57 cents shy of its 52-week high - afraid you'll be wrong!!
At the time Apple announced the split, shares were priced at $511...just stating facts, as forward splits most always help to increase the price of a particular issue. Doubt there will be a split in Skyworks now, but there wouldn't be anything wrong with a 2-for-1 stock split right now. Let's get the stock to $100 first and then you guys can start talking about a potential stock split!
You are reading my mind. Just take a look at Apple's chart. The stock had been going nowhere for 5 months. The day Apple announced its split the stock soared 10 points. Over the following 30 days Apple was up another 10 points so the split definitely helped move the share price higher.
When institutions fall in love with a stock, you can throw multiples out the window and institutions definitely have a love affair with SWKS!
SWKS will never see $60 again. Institutions are in love and will continue to push it higher. Story here is the company's long-term growth rate of 30% with last quarter's EPS increasing by 75%. Look for the low- to mid-70's within the next two weeks.
Maybe you're not paying attention to what happens to higher priced stocks that split. Last April prior to Apple's announcement of a 7-for-1 stock split, Apple's stock was priced at a post effective $73. After the split, Apple is up 46 points or 63%!
I don't particularly like Cramer's style but all I can say is I wish I had bought SWKS when I first head him talk about it in the high-$40's. I watched it go up 10 points before I finally jumped in!
Sentiment: Strong Buy
It's taken several days to finally break through resistance but we've finally penetrated the $64 level. Not only do we have another new 52-week high but we also have a double top technical breakout above $64. Look for SWKS to move several points higher in the next 2 to 4 weeks!!
The fat lady hasn't stopped her dance just yet. Today's earnings were nothing to write home about. The $19 level is resistance and in lack of a close above $19, SLW is headed lower. On a close above $19, short positions should be covered.
2nd quarter numbers were $.18 cents vs $.20 cents for an 11% decrease. Not predicting exactly what they will make but it won't be anything close to $.21 cents. Their silver price sales were down 14% in the 2nd quarter versus same quarter last year. For the 2nd quarter, silver price sales averaged $19.83/oz. My guess is sales price for silver in the 3rd quarter will be somewhere in the $17/oz range. Stock takes another leg down tomorrow.
Standpoint Research upgrades from hold to buy. Who is Standpoint Research? Could be wrong but don't think it's a good idea to be long SLW going into next week's earnings report.
You are 100% correct in saying that technicals aren't fool proof but they are a very good indicator. We'll see if SLW makes it to single digits. Won't approach creditable support until $8.50.
How's $1,000/ounce silver working for you this morning? I'm amazed when I come to most chat boards and the SLW board is no exception. People life Hoffman tell gold & silver bugs what they want to hear in order to sell newsletters and if you listen to these people you'll go to the poor house. Many on this board who are right about silver, SLW and where they are headed come here and want to ram it in your face if you're long.
Then there's a few people like myself who come here with no agenda but a technical opinion to share. If you used the information I provided you in past posts, you could have made a ton of money but it's not too late to still make a ton of money because both SLW and the price of silver are headed to single digits. This is not rocket science - it's simply reading the charts correctly. Currently on the chart there is no price support for silver before it hits $8.50/oz so at the very least that's where silver is headed and it is going to take SLW with it.
If you will look at a 6 year chart of SLW you will see that back in Nov. 2008 SLW was priced at $2.00 a share and it made a massive run to $47 in April 2011, making a 2,225% gain in 2 1/2 years. When any stock goes up fast it will also come down fast if it starts to break critical support levels. That's what is currently in progress with SLW. On the chart, there are no support levels for SLW until it hits single digits and it will continue to decline until it reaches support levels established back in 2008 in the $2 to $3 range. Charts eliminate all the noise one hears from believers or nonbelievers....carts eliminate all the noise you hear on chat boards like this one....so you have one of two choices....either believe what I am telling you and make a ton of money or don't believe it and lose your shirt!!
Take a look at any put option in SLW....in the money - out of the money - there's very little premium and the bid/ask is only 2 or 3 pennies spread - buy any of them and you will profit.
Like I've said in other posts here, p&f charts filter out all the "noise" such as you mention that surrounds any stock and p&f analysis is now projecting that SLW's price will likely be cut in half from current price levels. What they say on CNBC matters not. Prior to today, SLW had made 3 attempts to close below last year's low at $17.75. The 4th attempt came today and it looks like it may be successful successful. The chart is already bearish but a close below $17.75 will turn from bearish to extremely bearish.
For the record, SLW is setting a new 52-week low this morning on above average volume and is testing last year's low of 17.75 for the fourth time. Take it to the bank that we will soon be trading below 17.75 and likely on to single digits.
Try and make all the supposedly bullish arguments you want to about silver and SLW, However, here's the facts.... the charts on both silver and SLW are horrific. P&F charts eliminate all the noise and technicals indicate SLW and silver will continue to trade lower. Earnings will be announced Nov. 12 for the 3rd quarter and they will not be good. Unless you want to lose your shirt, I wouldn't be long until SLW trades at least 10 points lower.