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Stocks Remain HIGH CAUTION, 3 Positions

05/20   8:30am


On Thursday, stocks posted modest gains on quiet volume.  Major indexes remain slightly above 50dMA. There is no sector leadership and many leading stocks have broken below near-term support levels.

Stock purchases remain risky until the market confirms a new uptrend is underway.  Considerable work needs to be done for indicators to turn around.   

The climate is HIGH CAUTION.   

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

This morning, futures are pointing to a fractionally LOWER opening. 



Selective Chartists Positions (with BUY price):     3 (subscribers only)


Closely Monitoring: 
VeriSign (NASDAQ:VRSN)
Cypress (NASDAQ:CY)
Riverbed Tech (NASDAQ:RVBD)
Polypore (NYSE:PPO)
Tyco (TYC)
Sina (NASDAQ:SINA)
Lululemon (NASDAQ:LULU)
Analog Devices (NASDAQ:ADI)
Altera (NASDAQ:ALTR)
Salesforce (NYSE:CRM)



View the charts of major indexes testing 50dMA
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1563855
 


View CRITERIA
:

http://www.selectivechartists.com/index.php?option=content&task=view&id=1843&Itemid=46