I think what I said last week still goes for this week. I'm not too excited about chasing too many long positions with the indices still near recent highs and looking overbought, but I'm also not finding too many short setups. This is the time of year that is seasonally bullish, but the markets need some sort of pullback if there is to be a "Santa Claus" rally this year. Here are a few charts I am watching this week.
Best Buy Co., Inc. (Public, NYSE:BBY)
With all the excitement over "Black Friday", BBY ended up with a pretty weak session, completing an evening star candle pattern. My guess is that BBY will visit the 200sma fairly quickly.
The Pep Boys - Manny, Moe & Jack (Public, NYSE:PBY)
PBY is looking like it is failing at this descending trendline. The risk reward is average here, unless it breaks through support below.
CV Therapeutics, Inc. (Public, NASDAQ:CVTX)
I've been stalking CVTX for a couple of weeks now and it looks like it may be turning here.
OMNI Energy Services Corp. (Public, NASDAQ:OMNI)
OMNI made a higher daily high on the last candle and it looks like it may attempt a breakout here.
Qiao Xing Universal Telephone Inc. (Public, NASDAQ:XING)
I'm a little upset over XING, as I had a position get stopped out on what I think was too aggressive a stop loss. While I missed my ideal entry, it looks like this is the beginning of a bigger move, so I will watch it for any weakness.
Immucor, Inc. (Public, NASDAQ:BLUD)
BLUD is in the process of backing and filling into the previous high volume hammer. I am watching to see if it finds support here near the rising trendline.
Cerner Corporation (Public, NASDAQ:CERN)
CERN is another one that I've been stalking and while it isn't ready yet, it looks like it might tag the lower band in the next few sessions and possibly dip below it. I will be watching for a reversal pattern near the lower band.
Champion Enterprises, Inc. (Public, NYSE:CHB)
CHB is trading a tight range here and may be close to testing the 200sma.
Infosys Technologies Limited (ADR) (Public, NASDAQ:INFY)
INFY may be topping out here, but it looks like it will at least attempt to reach the previous high. Pushing aside any hunches, trips to the 20sma have been rewarded in the past and this may be a great entry.
Good Luck,
DT
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D-Town,
I love the charting, it reminds me of my own style of trading the charts. Good ideas, nice setups with commentary to boot. I really enjoy reading your high quality content so keep it up, and stay in the green!
Reader,
CalTrader
Cal,
Thanks for the compliments. I appreciate it. Also, I checked out your blog and I like what you're doing over there. I see what you're saying with the similarities as we focus on MACD, Stoch and RSI. I added you to the blogroll and will be looking forward to updates.
Thanks again,
DT