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Stocks Need Pullback To Digest Gains & Rebuild Momentum

|Includes:AKAM, AMZN, BIDU, BUCY, CLF, CMG, CTSH, FCX, FFIV, MTL, NFLX, QCOM, TSL, VMW, Walter Energy, Inc. (WLT)

 


09/07  @ 8:20am


After sizeable advances in recent sessions, major indexes need to pullback to digest gains and rebuild momentum.  Many leading stocks have become extended. A pullback would be healthy for the market and provide opportunity of attractive entry / re-entry price levels.

Major indexes are ABOVE 50dMA & challenging 200dMA. The trend is UP.   

Thiis 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 
Selective Chartists SOLD all 9 positions on market opening Fri. 9/3 into early morning rally / strength.  Sold to lock-in profits as holdings were becoming extended.  Have raised $$$ for re-entry on pullbacks...



Closely Monitoring:  all are extened and need pullback...

Walter Iind. (NYSE:WLT)
Trina Solar (NYSE:TSL)
Cliffs Natural (NYSE:CLF)
Netflix (NASDAQ:NFLX)
Freeport McMoran (NYSE:FCX)
Chipotle (NYSE:CMG)
Mechel Steel (NYSE:MTL)
Amazon (NASDAQ:AMZN)
Baidu (NASDAQ:BIDU)

Bucyrus (NASDAQ:BUCY
Akamai (NASDAQ:AKAM)
VMware (NYSE:VMW)
F5 Networks (NASDAQ:FFIV)
Cognizant Tech (NASDAQ:CTSH)
Qualcom (NASDAQ:QCOM)


ETFs:  QQQQ, DIA, XLI, XLY

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



Disclosure: None 100% CASH - waiting for pullbacks...
Stocks: WLT, TSL, CLF, NFLX, FCX, CMG, MTL, AMZN, BIDU, BUCY, AKAM, VMW, FFIV, CTSH, QCOM