Stocks May Attempt Rally, 5 Positions
On Wednesday major indexes closed higher on light pre-holiday volume. The Nasdaq ($COMPQ) rose for a 4th straight day in a row. The SP500 ($SPX) reclaimed the 200dMA. The market remains in correction mode and more work needs to be done in turning the technical indicators to a more favorable stance. Recent gains have produced a few candidates that are now meeting the CRITERIA. Be sure to place stops on any purchases / holdings.
This morning, futures are displaying a HIGHER opening
Climate is HIGH RISK (in correction mode but oversold)
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)
Biogen Idec (BIIB)
Dow 30 (DXD)
ProShares Short Dow 30 (DOG)
ProShares Short S&P 500 (SH)
SP 500 (SDS)