12/15 @ 8:30am
On Tuesday, major indexes rose modestly on an unexpectedly strong retail sales report. Volume eased across the board.
The vast majority of stocks monitored in the databse are EXTENDED and in dire need of pullback to digest gains & rebuild momentum. Numerous recent breakout stocks are not only pulling back, but are testing key support levels. Therefore, it is extremely difficult to identify candidates meeting the CRITERIA. Anticipate market weakness and volatility near-term...
This morning, futures are pointing to a LOWER opening.
The TREND is UP... (but under ressure due to EXTENDED territory)
Focus is on stocks meeting the CRITERIA & setting stop-loss limits / trailing stops as stocks rise in price.
Selective Chartists Positions (with BUY price): 2 (subscribers only)
Network Appliance (NASDAQ:NTAP)
MIPS Tech (NASDAQ:MIPS)
Cliffs Natural (NYSE:CLF)
NII Holdings (NASDAQ:NIHD)
ETFs: (Caution - many are becoming EXTENDED)
QQQQ, XLI, XLB, XLY, SPY, IVV, IWM, DIA, XLF
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