After Market Close September 26, 2007 |
Doji Distress
The Bulls (and we) had a pretty good day yesterday, but that doji on the Nasdaq is making folks nervous. Will it matter? That's anyone's guess. I'm thinking that it's just an early sign of a market getting tired. We'll likely see more chop, but the surprises will tend to be on the upside for a bit longer.
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DJIA: The Dow had a pretty good day. Right at resistance, though. |  |
SPX: The S&P looks like it broke out of Bullish consolidation. |  |
NDX: The Naz put in a dreaded doji. |  |
RUT: Honestly, the Russell looks Bullish in here. There are shorts who still need to cover, methinks. |  |
HUI: I was worried about too many Bulls too quickly in the miners. That's why. |  |
XLF: The financials are lagging badly and that implies that there may be some trouble yet ahead for the rest of the market. |  |
DJT: The Trannies were up, but they have work to do yet. |  |
CSCO: Our Cisco romped yesterday. |  |
XEL: Xcel rallied nicely too. |  |
IRC: Inland Real Estate did OK. Looks Bullish to me. |  |
WR: Westar was up nicely. |  |
AMLN: Amylin jumped big. The doji makes me nervous, but still, I'll take it. |  |
HSY: Hershey was down and that's not good. We need it to bounce smartly here. |  |
FRH: Freedom Acquisition was up again. Strong. |  |
PNRA: Panera bounced but I see no sign of real strength. |  |
ACS: Affiliated held pretty well, but had no relative strength. |  |
MSA: Mine Safety still holds in the wedge. |  |
AIV: Apartment Investment Management looks fine here. This sector should do better thanks to the woes of the lending and building industries. |  |
GERN: Geron, our old friend, looks bullish here. |  |
Summary:
Today ought to chop around but the bias is higher. Volume suggests a mixed bag. Sentiment is mixed. All of which says bias with the trend, which is up. We need another up day or two to set up my "87% sell signal". If we get the set up, next week, we'll just put a hedge on. I doubt that any possible weakness will be so serious as to damage our approach.
Be Well, and Trade Smarter Than the Average Bear!
-The ChartSmarts Team
Current Positions:
Long 50% CSCO at 29.49, stop at 31.96
Long 50% XEL at 20.94, stop at 21.54
Long 50% IRC at 15.43, stop at 15.43
Long 50% WR at 24.67, stop at 24.26
Long 50% AMLN at 49.44, stop at 47.87
Long 50% HSY at 46.56, stop at 45.33
Long 50% FRH at 10.61, stop at 10.34
Short 50% PNRA at 42.97, stop at 42.97
Watch List:
ACS: Short 50% on a print of 48.87, stop at 50.49
MSA: Buy 50% on a print of 49.81, stop at 46.37
AIV: Buy 50% on a print of 46.42, stop at 44.57
GERN: Buy 50% on a print of 7.67, stop at 7.36
Changes in Current Positions:
Move the stop up on CSCO to 31.96
Move the stop up on AMLN to 47.87
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