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  • Stocks To Watch On 12/10/2012: M, SPY, QQQ, WFC 0 comments
    Dec 9, 2012 9:29 PM

    (click to enlarge)

    Macy's Inc. (NYSE: M) has experienced some strong action in the previous trading week. OBV is upticking quickly yet the prices seem not following accordingly, not enough for the least. Friday's close was back above its mid-term uptrend (since Aug). Some acceleration on MA(50) & MA(200). I think the uptrend still enacts and I have a short term target of $42.00 on Macy's.

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    NASDAQ QQQ: moved lower this week amid weakness and concerns on Apple (NASDAQ: AAPL) - the largest and most influential component of NASDAQ index. The index is now trading below its 50-day MA, as well as 200 day's. Death cross is about to hit QQQ, signalING a shift to a bear market. For those who are bullish, watch for a breakout above both MAs with huge volume. For those who are bearish, watch for a breakdown below the key support level around $64.30. If it breaks below, I have a ST target of $62.00.

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    S&P 500 ETF (NYSE: SPY) moved slightly higher than last week. Friday's close was briefly above 50-day MA. OBV is back to the level where we experienced high index level (Index: 1460-1470 or $146-$147). Next support: $137.97. Next resistance: $147. As we are in the middle between next support and next resistance, the coming trading week is very important to the market outlook. Bulls: watch for prices sustaining above 50day MA or a break above $143. Bears: watch for break below 50day MA with high volume.

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    Wells Fargo & Co. (NYSE: WFC) roughly breaks its ascending triangle (this time, I connected closing prices instead of high and lows) with relatively low volume. Bbands are widening and pointing up. I think breaking above last major support $33.35 could trigger even more upwards action.

    Twitter: GaryLee_HK

    Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in M over the next 72 hours.

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