Still Looking Good
On Friday, the Nasdaq gapped to multi-month highs but then
reversed to close poorly. This action keeps it near its 200-day
moving average.
The S&P ended slightly lower.
So what do we do? I really hate to read too much into this
holiday-shortened session. This is especially true when you consider that the volume was the lightest of the year. Therefore, I essentially feel the same way
I felt in Wednesday’s commentary (see archives for details). In a nutshell, the
market remains constructive and technology still looks strong. On the short
side, HMOs still looks poised to resume their downtrend out of a pullback from
lows.
Looking to potential setups, Jabil Circuit
(
JBL |
Quote |
Chart |
News |
PowerRating),
in the strong semis/printed circuit board sub-sector (a), looks poised to
continue its accelerated uptrend out of a pullback.
On the short side, Anthem
(
ATH |
Quote |
Chart |
News |
PowerRating), mentioned Wednesday
night and in the weak HMOs (a), still looks poised to resume its
meltdown out of a pullback from lows.
Other
Lots of good stuff on sale for this holiday weekend at Traders’
Galleria.
Best of luck with
your trading on Monday!
Dave Landry
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