The Nasdaq and S&P 500 managed to end the day near unchanged today while the Dow contained its losses to 56 points. That Dow loss was impressive given that Merck accounted for around 70 negative points on its own. I’ll still be focusing on the S&P’s 200-day moving average to see if it [...]
Merck is all over the news today as they pull Vioxx from the market. The first news of trouble with Vioxx actually hit on August 25. That news threw the stock for a loop and pushed it back under its 200-day moving average. That should have been a clear sign to bail. [...]
The market’s set to open down a bit this morning. If it can shake off the early selling I’ll be focused on the 200-day moving average on the S&P 500, which is just a few points overhead.
Currently holding:
There aren’t quite as many longs on the list as I expected because of all the bullish candlesticks yesterday, but the list is more than long enough. A good percentage of the hammers made yesterday were on stocks that are in intermediate and/or long term downtrends, so I had to pass on those.
Currently holding:
Both the NASDAQ and S&P 500 bounced off of their 50-day moving averages today. That wasn’t very surprising given the technical set-up coming into today. I’d say the S&P could be bought right here with a stop under today’s low. There were a lot of hammers made today so I expect my [...]
GOOG’s gotten some pretty bullish coverage today with a $145 target by CSFB and a $140 target by WR Hambrecht. I also see that there are plenty of shares to short. Things may get real interesting in that bad boy. FWIW, I wouldn’t touch it long or short right here, but if [...]
There are only longs on the list today, but by no means am I bullish on the market right here. With the NASDAQ and the S&P 500 perched just above their 50-day moving averages and stochastic oversold on both indices, I just don’t see this as a good juncture to initiate any more shorts. [...]
Oil’s getting real close to $50 this morning and the Dow is just a hair above 10,000. It’ll be interesting to see how they react to those round numbers — especially oil.
The list for today is little changed — also, be sure to stop by the Carnival of the Capitalists
There are just a couple of changes to yesterday’s list, which isn’t surprising since the market, especially the Naz, was little changed yesterday. One development of note is the banking index (BKX) breaking below its 200-day moving average. That index was looking great about a week ago, but has now fallen about 3% [...]
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