MM

P's Bull-Bear Tasks

Wednesday, April 8, 2009

Market/Stock Review

Running over my screens I see the following groups have been adding in numbers.
Computer Hardware has AAPL and IBM. I like AAPL long
Tech stocks have been showing strength in Computer Software & Services. Here is where I like CSC long off the daily pullback trigger off HOD.. Stop 34.94 @ 1% position size.
Drugs have been showing power this year in fact. I like BIIB, and MYL here for now.
Retail has been strong with BIG FDO HD WMT BBBY and others. Not sure why so many hitting the screen, but maybe people are spending their tax returns.
Telecommunications came out of nowhere with QCOM daily chart showing a first pull back out of a base.

Thus far I like the broad based attempt at this rally.
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Oil

Currently oil has been running in a range for some time now. I see a bow tie trying to forum off the daily. I would not get too excited about it until it breaks the range highs and has a nice orderly pull back. Anyway oil might be worth keeping an eye on…

XAU

XAU

Market Pulse 03/06/09

XAU daily suggests a stiff pullback, now what I don’t like about the current bullish action is the drifting in price action. Short term bias is short under March 6 low.


030209

I see a sell signal in the S&P500 as price has violated old lows. Here is a 2 day chart with stocks above or below their 40 pma (Green line). Price is the yellow line and the RS of the 40pma (Red). What I’m looking is the hard right edge. Notice the cross down, this suggests more downward pressure.