Watch These Stocks And You’ll Have All You Need
Today’s piece will be brief, and I will be using
an excerpt from my colleague, Bo Harvey, to fill in what I was not able to
write.
“We’ve seen a bit of a shift
in market psychology the last two weeks, as we’ve had ostensibly “good” economic
numbers and earnings reports (AMZN report yesterday was the most recent example)
come in, yet the market has sold off. Volume came in Wednesday fairly heavy.
Continue to keep an eye on the weekly chart as a good guide for the intermediate
term direction of this market, so far the 200 week EMA at 1053 in the S&Ps has
held as resistance.
If the dollar index
moves below 91.00, it will signal a likely continuation of the downleg, as this
is significant longer term support. The next target would be 85.00.”
Not to sound like a broken record, but from a
trading AND investing standpoint, the gold stocks continue to offer some solid
opportunities. There is no need to focus on every stock known to mankind
(remember “scanning” for trades is counter-productive), if you simply watch
NEM, a bank stock (C
or GS) and a chip stock (KLAC,
MXIM), you will have all you need.
| Support/Resistance Numbers for S&P and Nasdaq Futures |
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As always, feel free to send me
your comments and questions.
Dave