On Monday, major indexes closed in positive territory after a see-saw session and another weak housing report. Volume fell across the board.
Major indexes are BELOW the 50 & 200dMAs and are displaying a negative crossover. Lower levels are anticipated near-term. There is no sector leadership, indicators are negative and numerous leading stocks are breaking below support levels.
After the close, IBM (NYSE:IBM) released earnings and were below analysts expectations. The miss will weigh on today's session.
This morning, futures are pointing to a LOWER opening.
Focus is on stocks meeting the CRITERIA & setting stop-loss limits / trailing stops as stocks rise in price. Of the 750 stocks monitored in the database, there are no candidates currently meeting the CRITERIA.
Selective Chartists Positions (with BUY price): NONE 100% CASH
Network Appliance (NASDAQ:NTAP)
F5 Networks (NASDAQ:FFIV)
Cognizant Tech (NASDAQ:CTSH)
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Disclosure: No Positions