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Stocks Stage Negative Reversal, 5 Positions

Stocks Stage Negative Reversal, 5 Positions

02/16 8:45am

This morning, futures are pointing to a MIXED opening.

Focus is on stocks holding ABOVE 50 & 200dMA (meeting CRITERIA).

Selective Chartists Positions (with BUY price):
Jazz Pharm (NASDAQ:JAZZ) $49.90 (Buy #1)
Jazz Pharm (JAZZ) $50.10 (Buy #2)
Jazz Pharm (JAZZ) $50.81 (Buy #3)

Devon Energy (NYSE:DVN) $71.54 (Buy #1)
Devon Energy (DVN) $72.20 (Buy #2)

Closely Monitoring:
NetEase (NASDAQ:NTES)
Baidu (NASDAQ:BIDU)
Dollar Tree (NASDAQ:DLTR)
Express Scripts (NASDAQ:ESRX)
Ultra Pharm (NASDAQ:ULTA)
Nordstrom (NYSE:JWN)
Under Armour (NYSE:UA)
NVIDIA (NASDAQ:NVDA)
VMware (NYSE:VMW)
Cabot OIl (NYSE:COG)
Citrix (NASDAQ:CTXS)
Alexion (NASDAQ:ALXN)

View the charts:

ttp://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1563855

On Wed., stocks staged a downside reversal on continuing worries over Greece. Volume rose across the board suggesting institutions did more selling than buying. The reversal on heavier volume is a technical negative and injects a higher degree of CAUTION. RSI & MACD indicators have been displaying tiring activity during the past few weeks. After recent rallies, it has been anticipated that stocks are due for near-term pullbacks. Numerous leading stocks are extended and need to digest gains & rebuild momentum.

 

Disclosure: I am long DVN, JAZZ.