On the Pullback List, several stocks look interesting to me. Ziff-Davis closed well and is trading above its 20 day moving average which suggests that it is ready to resume its uptrend.
Yesterday the S&P 500 closed below the 1302.39 low of the high day
(1311.09), establishing a high swing point. Look for some downside follow-through today and
program activity with the triple witch coming on Friday. A pullback to the 1280-85 (the trading
range breakout level) would offer good setups in the some of the favored few names.
One of the things I like to look for after days like today are stocks that traded much higher while the rest of the market sold off. Tonight, I did not have to look far as the Proprietary Momentum List had winners all over the place.
With Greenspan talking all week, triple witch on Friday–not to
mention Dow 10,000 (media number) that lasted for a blink of an eye–we sit and wait for the
market to make a move, one way or the other. Unless you have a straddle on, don’t waste your time thinking about it, just keep playing the
momentum stocks that are moving in your direction–up.
The market surged early yesterday, with the SPDRs
up 1.2 percent (from 129.50 to 131.06) around 11:20 a.m. For all practical purposes,
that was the end of the day, as the SPDRs continued to trade in an unusually narrow, 5/8-point
range until the close, when they hit 131.25.
Until the S&P 500 closes below the low of the high day, which
right now is last Thursday, March 11 (with a high of 1306.41 and a low of 1286.83), the direction
The market hasn’t even traded below the prior day’s low in seven days.
The race to unlock human genetics and develop new gene-based medical treatments has financial stakes as high as the scientific ones. We’ll take a look at the companies on the cusp of the emerging “anti-sense” biotechnology.
Today I would like to once again point out why strong institutional
stocks in the S&P 500 are excellent trading selections when they pattern up either from a
daily chart or five-minute intraday chart.
They turned the leader board upside down on us yesterday. The Dow finished
up 79.08 with the following six stocks accounting for 72 of those points: Chevron (CHV),
Exxon (XON), DuPont (DD), Minnesota Mining (MMM), Sears (S), and Union Carbide
The S&P 500 surged early, and the market made new highs in some strong
stocks, with EMC (EMC), Gap (GPS), Best buy (BBY), America Online (AOL), Amgen (AMGN), and
Worldcom (WCOM) leading the way.