"I have two guns, one for each of ya."
-- Doc Holliday
NEW YORK (Real Money) --Sometimes when looking at this market I swear I'm seeing double. It's enough to make your head spin. So, why not take Doc's approach and target two things at the same time rather than just one?
For instance, I like the charts of both Arista Networks (ANET) and Dow Chemical (DOW). These are two very different "people," if we can refer to companies or charts as people. One in tech and the other in chemicals.
Even if I'm a bit off with one, there's an uncorrelated chance I hit on the other. That's my thesis with these two very similar potential breakouts.
ANET is up almost 18% for the year, but it's not lower for lack of trying. February was a rough start, but the stock recovered along with the broader market. March brought it to breakout level where the November highs of $90 didn't feel so out of reach, but again ANET did its best to drop down, spending five weeks pushing lower. Like I said, it hasn't been for lack of trying. Here we are again, though, with the shares trying for another breakout. Really, ANET needs two simultaneous breakouts. First, it needs a push through $72. This "breakout" should be met with big resistance at $74. If (and it is a big if) $74 allows entry, then ANET looks cleared to get itself back into the $80-$90 trading range.