Hello to anyone who ventures onto my blog. I do not consider myself a market guru or ****yst, but do like to provide my thoughts on the market on an ongoing basis. Any stocks mentioned in my blog or my weekly public list are provided for further research on your part.
My weekly list can be found at the following site. http://stockcharts.com/def/servlet/F...?obj=ID2524485
I update my list with new stocks when I find them and do remove those stocks that have broken down due to weak earnings & or technical breakdowns. The current market bearish movement has hit many of the stocks on my list hard as it has also done to most stocks. At this time, I would suggest a high cash position. If you make a trade, I suggest you take any profits sooner then later as most rally's now are being followed by more weakness.
On Monday I am looking for a bit more bounce following Fridays rally. Expecting the DOW to move back above 13000 but find strong resistance again once it hits near its 200MA @ 13238.
Nasdaq has bounced off its 200MA, so it also has a potential for more upside bounce. A 39.2% fibonacci bounce would take the nasdaq back to 2664 range.
S&P500 bounced Friday just off the August lows. I now see a chance of it also rallying a few days till it pushes close to its 200MA @ 1484. Then we move lower again.
Finally I hope everyone had a good holiday weekend.
eigh8or
My weekly list can be found at the following site. http://stockcharts.com/def/servlet/F...?obj=ID2524485
I update my list with new stocks when I find them and do remove those stocks that have broken down due to weak earnings & or technical breakdowns. The current market bearish movement has hit many of the stocks on my list hard as it has also done to most stocks. At this time, I would suggest a high cash position. If you make a trade, I suggest you take any profits sooner then later as most rally's now are being followed by more weakness.
On Monday I am looking for a bit more bounce following Fridays rally. Expecting the DOW to move back above 13000 but find strong resistance again once it hits near its 200MA @ 13238.
Nasdaq has bounced off its 200MA, so it also has a potential for more upside bounce. A 39.2% fibonacci bounce would take the nasdaq back to 2664 range.
S&P500 bounced Friday just off the August lows. I now see a chance of it also rallying a few days till it pushes close to its 200MA @ 1484. Then we move lower again.
Finally I hope everyone had a good holiday weekend.
eigh8or
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