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Jim Van Meerten
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Jim Van Meerten is an advisor to Marketocracy Capital Management and writes on financial subjects here and on Barchart Portfolio Blogs. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and attended... More
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  • NASDAQ 100 Signal Caution 0 comments
    Dec 29, 2012 1:50 PM | about stocks: FAST, VMED, AKAM, EXPD, ORCL

    Today I sorted the NASDAQ 100 Index to find the 5 with the best Barchart technical indicators and charts and did not like what I saw. I am giving a big signal of caution to all technical and momentum investors. This is a declining market and I do not buy into declining markets.

    Look at this hourly chart of the Value Line Index over the last 28 days and you can see the hourly declines:

    (click to enlarge)

    On the close Friday 55.06% of all the stocks traded below their 20 day moving averages and there were 2856 declines to 977 advances - That's a 3 to 1 decline in the market. Sit on the side line and be ready to jump in when the market reverses.

    These are not buy recommendations but are just given for information. They are the 5 with the highest Barchart technical indicators but NONE has a score of 100%. The list includes Fastenal (NASDAQ:FAST), Virgin Media (NASDAQ:VMED), Akamai Technologies (NASDAQ:AKAM), Expeditor's International of Washington (NASDAQ:EXPD), andOracle (NYSE:ORCL):

    Fastenal (FAST)

    (click to enlarge)

    Barchart technical indicators:

     

    • 80% Barchart technical buy signal
    • Trend Spotter buy signal
    • Above its 20, 50 and 100 day moving averages
    • 12 new highs and up 12.58% in the last month
    • Relative Strength Index 70.84%
    • Barchart computes a technical support level at 45.49
    • Recently traded at 46.18 with a 50 day moving average of 43.07


    Virgin Media (VMED)

    (click to enlarge)

    Barchart technical indicators:

     

    • 80% Barchart technical buy signal
    • Trend Spotter buy signal
    • Above its 20, 50 and 100 day moving averages
    • 6 new highs and up 6.96% in the last month
    • Relative Strength Index 63.25%
    • Barchart computes a technical support level at 36.05
    • Recently traded at 36.41 with a 50 day moving average of 34.08


    Akamai Technologies (AKAM)

    (click to enlarge)

    Barchart technical indicators:

     

    • 72% Barchart technical buy signal
    • Trend Spotter buy signal
    • Above its 20, 50 and100 day moving averages
    • 9 new highs and up 12.60% in the last month
    • Relative Strength Index 58.15%
    • Barchart computes a technical support level at 39.95
    • Recently traded at 40.40 with a 50 day moving average of 37.90


    Expeditors International of Washington (EXPD)

    (click to enlarge)

    Barchart technical indicators:

     

    • 64% Barchart technical buy signal
    • Trend Spotter buy signal
    • Above its 20, 50 and 100 day moving averages
    • 9 new highs and up 5.40% in the past month
    • Relative Strength Index 58.74%
    • Barchart computes a technical support level at 38.53
    • Recently traded at 39.03 with a 50 day moving average of 37.29


    Oracle (ORCL)

    (click to enlarge)

    Barchart technical indicators:

     

    • 64% Barchart technical buy signal
    • Trend Spotter buy signal
    • Above its 20, 50 and 100 day moving averages
    • 6 new highs and up 3.84% in the past month
    • Relative Strength Index 57.74%
    • Barchart computes a technical support level at 32.68
    • Recently traded at 33.02 with a 50 day moving average of 31.55

    Be patient and keep your powder dry!

    Stocks: FAST, VMED, AKAM, EXPD, ORCL
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