Friday’s Top Stocks
Nasdaq-100 Index
Tracking Stock (QQQ) finished at the year’s worst level while Diamonds Trust
managed to close above the August 6 low. Needless to say, it was
another ugly day.
Look at the weekly chart of Semiconductor Sector Index ($SOX.X). Both the
bottom of a declining channel and the 50% Fib level were decisively violated.
This is truly an excellent example of a persistent downtrend.
Now, let’s look at three stocks for Friday:
Retail HOLDRs (RTH): The issue closed at the lower boundary of a bear
flag. Look for a breakdown.
Pharmaceutical HOLDrs (PPH): The stock failed to move above the 20-day
EMA and formed a narrow range bar. Look for a breakdown below a bear flag.
American Capital Strategies (ACAS): In spite of the weak market, the
issue bounced off the rising 8-day EMA and closed near the day’s high. Look for
a resumption of the uptrend.
Good night and see you tomorrow.