Stocks Look Ready to Push Higher
Timothy J. Truebenbach is the
President of True Capital Management and general partner of True Capital
Partners LP, a hedge fund. He uses a disciplined model that trades on the
intermediate-term time frame. For a free trial to Tim’s Nightly Stock Analysis
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The market continues an uptrend into the New Year.
Most leading stocks have been outpacing the gains of the major indices as many
have found support and appear to be ready to push higher. New York Stock
Exchange
(
NYX |
Quote |
Chart |
News |
PowerRating) and Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) are two examples from
large-cap names.
Chart courtesy of
StockCharts.com
Chart courtesy of
StockCharts.com
Chart courtesy of
StockCharts.com
Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating) exploded higher in today’s trading, while Research
in Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating) took a hit due to the release of Apple’s iPhone. While
this information was released today by Apple, it is far from a surprise, but
does warrant paying attention to both stocks since the moves came on large
volume.
AAPL held support at its 50-day moving average and has pushed convincingly
higher.
Chart courtesy of
StockCharts.com
RIMM also held support, but was unable to push into new high ground. It will be
very important to see how the stock can recover from Tuesday’s high-volume
selling.
Chart courtesy of
StockCharts.com
There are also a number of small- and mid-cap names that appear ready to push
higher. You may wish to check out our Trading Service for a free trial in order
to view some of these stocks. Overall, the market had a fantastic move from
late-August into November, which it has spent the last couple of months
consolidating. Based on everything I am seeing right now, there is a good chance
we could push higher in the near future.