Major Indexes Post 5-day Winning Streak, 5 Positions
On a half-day session Friday, stocks continued to post solid gains with participation of all sectors across the board. Volume was light due to the shortened trading session. Major indexes have recently been oversold and a snap-back rally was anticipated. A strong technical develpment could occur near-term if the major indexes can trade above and hold the 200dMA as would most likely trigger institutional buying. Will need to monitor the action closely to see if a substantial rally may develop or if more time is needed for sustainability. Fiscal cliff concerns (or optimism) will be a factor that propels the market in either direction.
This morning, futures are displaying a modestly LOWER opening.
Climate is - Confimred UPTREND
Focus on stocks meeting CRITERIA:
Selective Chartists Positions (with BUY price):
Visa (V) $143.04
Home Depot (HD) $64.17 (Buy #1)
Home Depot (HD) $64.27 (Buy #2)
Sherwin Williams (SHW) $153.33
TJX (TJX) $43.77
(Top candidates poised for higher levels near-term).
In general, BUY within 5% of Pivot, stop-loss 7% below buy price.
Harley Davidson (HOG)
Dicks Sporting (DKS)
Dow 30 (DXD)
ProShares Short Dow 30 (DOG)
ProShares Short S&P 500 (SH)
SP 500 (SDS)