09/23 @ 8:40am
On Wednesday, major indexes closed lower on lighter volume. The vast majority of 750 stocks monitored in the database are severely EXTENDED. The market needs to pullback to digest recent gains and rebuild momentum.
Orderly pullbacks would be healthy for stocks so as to provide attractive entry points when candidates once again meet the criteria.
This morning, futures are pointing to a LOWER opening for the major indexes.
Focus is on stocks meeting the CRITERIA & setting stop-loss limits / trailing stops as stocks rise in price.
Selective Chartists Positions (with BUY price): None 100% cash
Selective Charitsts SOLD all positions Wed. morning to lock-in profits and raise $$$ for re-entry on pullbacks.
United Tech (NYSE:UTX)
Wynn Resorts (NASDAQ:WYNN)
Walter Iind. (NYSE:WLT)
Toll Brothers (NYSE:TOL)
ETFs: QQQQ, XLI, XLY, XLV, XLF, XLB, IBB, SPY, IVV, IWM
Note: These ETFs are EXTENDED and need pullback....
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Disclosure: None 100% CASH