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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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The ART Of The CHART - Knowing When and Why To Buy & Sell Stocks
  • Major Indexes Form Head & Shoulders, 100% CASH 1 comment
    Jul 2, 2010 8:47 AM | about stocks: ARO, ALTR, VRX, SWKS, NFLX, AAPL
    07/02   @ 8:35am

    On Thursday, major indexes closed modestly lower. Volume was heavy across the board. Economic news was mostly negative. 

    Major indexes are BELOW 200dMA  & displaying negative biased / deteriorating indicators - a technical negative.  Major indexes appear to have formed a head and shoulders pattern (negative).

    Current Climate is HIGH RISK / BEARISH & offers greater risk than reward.

    This morning, futures are pointing to a LOWER opnening.

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


    Selective Chartists Positions (with BUY price):  NONE   100% Cash


    Closely Monitoring: 
    Aeropostale (NYSE:ARO)
    Altera (NASDAQ:ALTR)
    Valeant Pharm. (NYSE:VRX)
    Skyworks (NASDAQ:SWKS)
    Netflix (NASDAQ:NFLX)
    Apple (NASDAQ:AAPL)


    ETFs:  Monitoring INVERSE ETFs
    DXD
    SH
    QID
    SDS

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



    Disclosure: No Positions
    Stocks: ARO, ALTR, VRX, SWKS, NFLX, AAPL
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  • brokennail
    , contributor
    Comments (48) | Send Message
     
    If I take a look at 1998 July through the end of the year one sees a head and shoulders on S&P with subsequent great run up.
    7 Jul 2010, 01:19 PM Reply Like
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