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Stocks Need Pullback, 6 Positions

Stocks Need Pullback, 6 Positions

03/22 8:30am

On Wednesday, a weak close prompted losses for most indexes. Volume rose across the boad. Numerous leading stocks are displaying RSI 70+ (above 70 is extended). However, a list of new candidates are now in basing channels and should be strong candidates when the market stages a rally. Internal indicators remain positive. The TREND remains UP. Pullbacks on light volume would be healthy to digest gains & rebuild momentum.

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

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

Selective Chartists Positions (with BUY price):
Monster Bev. (NASDAQ:MNST) $59.17
Lululemon (NASDAQ:LULU) $74.20
Las Vegas Sands (NYSE:LVS) $59.64
Agrium (NYSE:AGU) $89.00

Alexion (NYSE:ALEX) $91.30 (Buy #1)
Alexion (ALEX) $92.76 (Buy #2)

Closely Monitoring:
SolarWinds (NYSE:SWI)
Red Hat (NYSE:RHT)
Baidu (NASDAQ:BIDU)
Analog Devices (NASDAQ:ADI)
Broadcom (BRCM)
KLA-Tencor (NASDAQ:KLAC)
Taiwan Semi (NYSE:TSM)
Texas Instr. (NYSE:TXN)
Rackspace (NYSE:RAX)
Devon Energy (NYSE:DVN)
Wynn (NASDAQ:WYNN)
Tiffany (NYSE:TIF)

View the charts:
http://stockcharts.com/public/1234064/tenpp

Disclosure: I am long MNST, LULU, LVS, AGU, ALXN.