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Hello and welcome to Selective Chartists. I am Joe Majocha, full-time trader since 2000 and founder of SC. SC is a provider of stock analysis for self directed traders. Our uniqueness is proprietary scans resulting in an exceptional record of winning trades. Through the day, scans produce a... More
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Selective Chartists
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The ART Of The CHART - Knowing When and Why To Buy & Sell Stocks
  • Indicators Suggest Pullbacks Near-Term, 100% CASH 0 comments
    Oct 29, 2010 8:44 AM | about stocks: USB, DWA, NVLS, AKAM, TJX, CTXS, OVTI, NETL, SWKS

    10/29  @ 8:30am


    On Wednesday, stocks opend higher on encouraging jobs data, then slumped through mid-day. For a 3rd day in a row, indexes rallied in the afternoon to close mixed.  Volume fell across the board.

    Major indexes are trading at overhead resistance levels. The vast majority of leading stocks are EXTENDED.  Major indexes are displaying weakening RSI & MACD suggesting pullbacks may occur near-term.  Of the 750 stocks monitored in the database, very few are close to / meeting the critieria.

    This morning, futures are pointing to a LOWER opening. 

    Focus is on stocks meeting the CRITERIA & setting stop-loss limits / trailing stops as stocks rise in price.


    Selective Chartists Positions (with BUY price):   None: 100% CASH  

    FYI: Selective Chartists SOLD all positions (6) on Thu. morning into market strength, locking in stellar profits and raising $$$ for re-entryies on pullbacks.


    Closely Monitoring: 

    US Bancorp (NYSE:USB)
    DreamWorks (NASDAQ:DWA)
    Novellus (NASDAQ:NVLS)
    Akamai (NASDAQ:AKAM)
    TJ Max (NYSE:TJX)
    Citrix (NASDAQ:CTXS)
    OmniVision (NASDAQ:OVTI)
    NetLogic (NASDAQ:NETL)
    Skyworks (NASDAQ:SWKS)

    ETFs:  SMH

    View postings on StockCharts:
    http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1563855



    Disclosure: None: 100% CASH
    Stocks: USB, DWA, NVLS, AKAM, TJX, CTXS, OVTI, NETL, SWKS
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