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Charlie Anderson
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I am currently a student. I use a mix of technical and fundamental analysis to arrive at investing prospects and then do in-depth analysis.
  • Weekly Outlook, 6-19 0 comments
    Jun 19, 2011 8:24 PM | about stocks: TRLG, NRG, GES, AZN, LLY, SPY
    This week the market finally stopped collapsing. After falling 6.9% in 6 weeks, the market was only down 0.7% this week. While the weekly chart makes it appear that downwards volume was up by a third this week, this was mainly due to higher volume as the market bottomed Thursday. It looks as if the market has hit support, and should jump next week. This is supported also by the weekly stochastics and Thursday's strong upwards volume. On a broader note, this bounce may be part of a head-and-shoulders pattern, as previously mentioned. If the market doesn't break above 1350 on the next swing high, then this is probably a head-and-shoulders pattern going into a fall correction. AstraZeneca is already showing signs of a head-and-shoulders pattern, and I think I'm going to unload my shares soon. Eli Lilly also seems to have bottomed, but I'm much more bullish on these shares. NRG broke through support at $23.50, it traded up on high volume on Friday and tested that new resistance. Guess' performance has been lackluster, but I'm bullish on their long-term prospects. I plan to publish a report on their 1st quarter results sometime this week, along with a thesis paper on AstraZeneca.
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