On Wednesday, stocks see-sawed until afternnoon when remarks by Fed chairman Bernanke brought out the sellers. Volume rose across the board.
Major indexes are BELOW the 50 & 200dMAs and are displaying a negative crossover. RSI is testing the 50-centerline and MACD is signaling CAUTION.
Numerous leading stocks are displaying negative chart patterns. It will take further strength to produce candidates for purchase considerations.
This morning, futures are pointing to a HIGHER 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 few candidates currently close to meeting the CRITERIA.
Selective Chartists Positions (with BUY price): NONE 100% CASH
Freeport McMoran (NYSE:FCX)
American Tower (NYSE:AMT)
Network Appliance (NASDAQ:NTAP)
F5 Networks (NASDAQ:FFIV)
Cirrus Logic (NASDAQ:CRUS)
Cognizant Tech (NASDAQ:CTSH)
Cliffs Natural (NYSE:CLF)
Walter Ind. (NYSE:WLT)
US Steel (NYSE:X)
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Disclosure: No Positions