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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
  • Stocks EXTENDED, Need Pullback, 100% CASH 0 comments
    Sep 23, 2010 8:40 AM | about stocks: BIDU, UTX, WYNN, WLT, NVDA, A, LEN, TOL

    09/23  @ 8:40am


    On Wednesday, major indexes closed lower on lighter volume. The vast majority of 750 stocks monitored in the database are severely EXTENDED.  The market needs to pullback to digest recent gains and rebuild momentum.

    Orderly pullbacks would be healthy for stocks so as to provide attractive entry points when candidates once again meet the criteria.

    This morning, futures are pointing to a LOWER opening for the major indexes.   

    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 Charitsts SOLD all positions Wed. morning to lock-in profits and raise $$$ for re-entry on pullbacks.


    Closely Monitoring: 
    Baidu (NASDAQ:BIDU)
    United Tech (NYSE:UTX)
    Wynn Resorts (NASDAQ:WYNN)
    Walter Iind. (NYSE:WLT)
    NVIDIA (NASDAQ:NVDA)
    Agilent (NYSE:A)
    Lennar (NYSE:LEN)
    Toll Brothers (NYSE:TOL)


    ETFs:
      QQQQ, XLI, XLY, XLV, XLF, XLB, IBB, SPY, IVV, IWM
    Note: These ETFs are EXTENDED and need pullback....


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



    Disclosure: None 100% CASH
    Stocks: BIDU, UTX, WYNN, WLT, NVDA, A, LEN, TOL
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