Hello All,
We’ll get started with last week’s bull names that made an effort and thus we’re still covering them.
IBM made it’s way above our trigger price of $147.66 last week and has finally reached it’s 200 SMA which was a target for us. That level is the high of today thus far, $150.36. Conservative players can lock in a few bucks here, others may be able to roll, while others may just let things ride as, at least for now, the indices are trying to play out our breakout scenario.
NBL however, after a very nice day yesterday, is weak early on. If it doesn’t close above yesterday’s low of $30.04, we would personally move on from it and maybe look to reload if it starts back up.
As for this week, we tried finding more bear names but there just aren’t any that we’d deem “easy”. Clearly, the bulls are trying to re-take control of the market and that may be the reason we can’t find anything at the moment. As for this week’s bull side…
CSCO is trying and could trigger if the market stays strong.
MSFT is also lifting and could take out resistance if we get follow through from bulls.
NFLX is still playing games but if it goes it could really go up very nicely.
CTSH is not trying.  MOMO is not trying either and thus they’re both disappointing at this point but time remains.
KBH, LEN, PHM, the housing group is again disappointing. They flash as bulls but haven’t attempted to be bullish. Our “gut” has wanted to avoid them but we keep getting returns on scans that suggest they should move up a little. They’ve yet to try.
LNG though, is trying and could breakout. It’s close.
CRC is a nothingburger today after a decent day yesterday. Still worth watching.
CAH continues to move up today.
PAGS had a very strong finish yesterday and is hanging in there today but it reached our first resistance level.
Finally, we wouldn’t play around with bear names DIS and STX from last week for too long if anyone became involved. Why? They were on their way south but were saved by the market’s strong rally. They’re being saved again today. We don’t want to swim against the market’s tide. We’d rather wait for weakness in the market and revisit those names then to see if they still appear technically vulnerable.
We will keep you posted with any future updates.
Thanks,
Wayne