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What Leading Stocks Are Telling Us

Below are what we call our "Follow The Leaders" section. The saying goes:

When the leaders start to roll over the rest of the market isn't far behind. As you'll see the bulk of these names have that same structure as the market indexes.

AAPL -- Apple Computer

Just a few points away from forming a bearish double top.


Same as AAPL.

GOOG -- Google

At trend channel resistance. Buy at trend channel support, sell at trend channel resistance.

GS -- Goldman Sachs

Gosh the master of the free money universe is starting to look as though it's lost some luster.

MELI -- Mercado Libre

At trend channel resistance.

ESRX -- Express Scripts

At trend channel resistance.

FCX -- Freeport McMoran

Double top on negative divergence. What's this say about Gold? Short term it too is overbought stohcastically speaking.

FTI -- FMC Technologies

Double Top on negative divergence.

PBR -- Petrobras

NE -- Nobel Drilling

NOV -- National Oilwell

APA -- Apache

VMW -- VMware

Notice the potential head and shoulders forming?

As you can see everyone of them are showing negatives vs. positives. Not one of these names can be bought on the longside right here based upon what we see. This too ought to tell you something about the market.

The bulk of them either have a Double Top on negative divergence, are at trend channel resistance on negative divergence, or have been staging bearish flags with 1st lower highs potentially intact. 

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