On Thursday, stocks opened higher on a surprise drop in weekly jobless claims. Volume was above average. All sectors participated in the broad rally. Technical analysts believe a follow-through rally on heavy volume needs to occur in order to change sentiment from bearish to bullisdh. Will need to monitor closely to see which way the direction materializes.
The strong rally propelled a few stocks above the 50dMA with a number of potential candidates emerging for purchase considerations.
This morning, futures are pointing to a HIGHER opening.
Selective Chartists Positions (with BUY price):
CF Ind (NYSE:CF) $162.25
Hansen Natural (HANS)
Dow 30 (NYSEARCA:DXD)
ProShares Short Dow 30 (NYSEARCA:DOG)
ProShares Short S&P 500 (NYSEARCA:SH)
SP 500 (NYSEARCA:SDS)
View the charts:
Major indexes BELOW 50 & 200dMA and strongest stocks close / meeting the CRITERIA.