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Stocks Sell-Off On Higher Volume, 2 Positions

May 12, 2011 8:34 AM ET
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Seeking Alpha Analyst Since 2010

Hello and welcome to Selective Chartists. I am Joe Majocha, full-time trader (NYSE, NASDAQ growth stocks) since 2000 and founder of SC(2004). SC offers stock analysis and trading considerations for hedge funds, financial analysts and self - directed traders. Our uniqueness is proprietary scans resulting in an exceptional record of winning trades. Through the day, scans produce a narrow list of candidates positioned for higher levels short-term. Subscribers are notified when price targets are triggered. All reports are available for public viewing by visiting our archive section. Whether you are a novice or seasoned trader, Selective Chartists can enhance your probability to make money and save hours of your time. Please take the time to navigate: www.selectivechartists.com. I am a speaker at educational forums, featured guest on national radio programs focusing on stock market activity and author of the instructional publication: The ART Of The CHART - A Guide To Knowing When and Why To Buy & Sell Stocks.Try our 30-day risk FREE trial and receive your complementary copy (Ebook).

05/12   8:30am

On Wednesday, an unexpected rise in U.S. gasoline supplies sent oil & gasoline futures plunging, triggering a high-volume stock slide.  The loss broke a 3-day winning streak.  Indicators are weakening suggesting further pullbacks to occur near-term.  The climate is HIGH CAUTION.   

Major indexes are holding above 50dMA. In the database of 750 stocks monitored, it is very difficult to find candidates meeting the criteria.  Numerous leading stocks remain EXTENDED. 

Focus is on stocks emerging from bases & above 50dMA.

This morning, futures are pointing to a LOWER opening.

Selective Chartists Positions (with BUY price):     2 (subscribers only)

Closely Monitoring: 
Lululemon (LULU)
ILluminna (ILMN)
Intuit (INTU)
Acme Packet (APKT)
Analog Devices (ADI)
Ebay (EBAY)
JDS Uniphase (JDSU)
Adobe (ADBE)
VeriSign (VRSN)
Polypore (PPO)
Coventry Health (CVH)
Honeywell (HON)
Netflix (NFLX)
Ciena (CIEN)
Nordstrom (JWN)

View the charts:


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