PreMarket Prep Recap For April 12: What To Do When Your Targets Get Hit

Did you miss today's PreMarket Prep? Here are some of the highlights from the show.

Key Technical Levels

The following are some of the stocks discussed on the show for which co-host Joel Elconin offered technical levels.

• BlackBerry Ltd BBRY: The bulls are in total control, with the stock continuing to make new highs. It's got a quadruple top at the $9.50 area from late December 2015, and hasn't been in double digits since May 2015, so $10 could be a psychological level.

  Delta Air Lines, Inc. DAL has two areas of potential resistance: a double top at the $47.20 area from March 20 and 21, and another double top at $47.70 from March 16 and 17. It needs to reach $45.32 to fill gap from Tuesday, which doesn't seem likely at this point.

• Shaw Communications Inc SJR is up on very light volume after its Q2 beat. It has a monthly top from January and February at the $21.80 area  After that, the July 2015 high was $22.12. It needs to reach $20.83 to fill the downside gap.

• We also discussed sell-side analyst upgrades to Lululemon Athletica inc. LULU, PepsiCo, Inc. PEP and Harley-Davidson Inc HOG

JC Parets, author of All Star Charts, joined the show to talk about how he's approaching the market. Parets, who was quite bullish in the second half of 2016, acknowledged that most of his targets on the upside were hit.

"Just because our objectives are hit, doesn't mean we have to get short," he said. "But taking profits is the thing to do. I don't think you need to be short, but I wouldn't be buying either."

Parets said part of the reason he's not bullish going forward, especially in the financials, is because of the number of stocks participating in the 2017 rally.

"When you see new highs in stocks, in this case the financials as a sector, what you want to see is participation in that group expanding with upside momentum. With each new high you want more stocks showing bullish momentum. What we saw in the early March highs was the opposite. Only a fraction of stocks showed upside bullish momentum."

He also discussed how the smart money is positioned to take advantage of lower rates, and why he is closely watching India. Listen to the full segment with Parets here.

How To Listen And Watch

PreMarket Prep is a daily trading ideas show with a focus on pre-market volatility and technical setups. You can listen live and chat with our hosts, guests, and listeners every morning from 8-9 a.m. ET here or on YouTube Live. You can listen to the podcast on iTunes, Soundcloud and Sticher. The full recording of today's show is available below.