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)
Freeport McMoran (NYSE:FCX)
Mechel Steel (NYSE:MTL)
F5 Networks (NASDAQ:FFIV)
Cognizant Tech (NASDAQ:CTSH)
ETFs: QQQQ, DIA, XLI, XLY
View postings on StockCharts:
Disclosure: None 100% CASH - waiting for pullbacks...