Jobs Report Sparking Rally
Technical indicators for major indexes are signaling caution. RSI is extended & MACD is weakening suggesting pullbacks may occur near-term. Only a few stocks are close / meeting the criteria. It is very selective in finding candidates for purchase considerations. Current holdings and new purchases should apply tight stop loss limits (3 - 5%) to protect from wide swings that could develop when the market begins to pullback. Pullbacks would be healthy to digest recent gains & rebuild momentum. This mornings Jobs Report was favorable and sparking a rally on opening.
Focus on stocks meeting CRITERIA.
This morning, futures are displaying a HIGHER opening.
Climate is - UPTREND
(Top candidates poised for higher levels near-term).
In general, BUY within 5% of Pivot, stop-loss 7% below buy price
Michael Kors (KORS)
Ross Stores (ROST)
American Intl (AIG)
Under Armour (UA)