Consolidation
The Bears came out of the woodwork after Friday and that drove a nice bounce. We need a bit more, I think, to consolidate this decline before we can continue down. It won't be all one way, that's almost for sure.
DOW: The Dow managed a nice rally.
SPX: The S&P had a nice little rally. There's probably a bit more, too.
NDX: The Naz didn't do as well and that's a warning.
RUT: The Russell was weak too. Another warning sign.
HUI: The miners are range bound.
SOXX: The Semi's nearly tested the uptrend. I'm not disliking this pattern.
AZO: Autozone was down, but it did mount a decent come back. Trend intact.
LUV: Southwest romped. Goody.
HSY: Hershy was up and looks poised to bust out.
XTO: XTO energy did well today. No problems.
HAR: Harman was weak and we're worried but trend support held.
ORN: Orion was off pretty good, but it also found some support.
CFN: Carefusion romped some more.
ACXM: Acxiom consolidated, really.
MOT: Motorola found support and rallied. That's impressive, kinda.
DOX: Amdocs fell to support and bounced. Good but not great.
CPHD: Cepheid was off but only marginally.
ROVI: Rovi was off and doesn't look great, but support held. It if comes on, we probably want it.
OIS: Oilstates was down and broke.
Summary:
The trend is turning down and the seasonal is negative. This is early in the game, however. If I had to guess, this is going to be a series of a-b-c-type corrections, soon to be followed by another pretty good rally. Tops are built. It takes time. There still seem to be plenty of folks willing to get Bearish on every turn.
Be Well, and Trade Smarter Than the Average Bear!
-The ChartSmarts Team
For 4/20/10
Current Positions:
Long 50% AZO at 158.27, stop at 174.46
Long 25% LUV at 12.04, stop at 13.14
Long 50% HSY at 37.96, stop at 43.23
Long 50% XTO at 47.17, stop at 47.17
Long 50% HAR at 44.09, stop at 47.24
Long 25% ORN at 18.44, stop at 18.44
Long 50% CFN at 25.61, stop at 26.53
Long 25% AXCM at 18.27, stop at 18.27
Long 25% MOT at 7.63, stop at 7.03
Long 25% DOX at 31.17, stop at 29.87
Long 25% CPHD at 18.81, stop at 17.31
Watch List :
ROVI: Buy 25% on a print of 38.77, stop at 36.53
OIS: Short 25% on a print of 44.17, stop at 47.67
Changes in Current Positions:
Move the stop up on AZO to 174.46
Move the stop up on LUV to 13.14
Move the stop up on CFN to 26.53
