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Issue #260 
January 15, 2012 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Bulls Hold Slight Edge, Short-Term Rally Expected!
DOW Friday closing price - 124228
The DOW continues to inch upward as the traders await more concrete news from the earnings reports that start coming out in earnest this week. Since the second week of December when the index tested successfully the decent weekly close support at 11858 with a close at 11866, the DOW has moved upward, but with limited strides, suggesting the traders are generally optimistic but with reservations, mostly due to the still unsettled financial situation in Europe.
The DOW was successful in closing on Friday above a minor to decent resistance from February at 12391 and that has increased the odds of further upside being seen. Nonetheless, the close on Friday was only 30 points above that resistance and that is not a clear statement, especially since the index was only able to trade above 12391 a few minutes at the end of the day. Such a close can be attributed to late short-covering by day-traders since the index was under decent selling pressure all day. In addition, if this was a statement it will need to be confirmed with another green close next Friday. With a slew of important earnings reports due out this coming week the end result next Friday is still very uncertain.
On a weekly closing basis, resistance is decent between 12657 and 12682 and decent to strong at 12810. On a daily closing basis, resistance is very minor at 12471, minor at 12569, decent to strong at 12724 and strong at 12810. On a weekly closing basis, support is minor at 12217, minor again at 11934 and decent between 11858 and 11866. On a daily closing basis, support is minor to perhaps decent between 12355 and 12359, minor between 12150 and 12204, minor again at 11897 and minor to decent at 11766.
Though the DOW continues to rise the recent action has not been aggressively bullish as traders fear a financial breakdown could occur in Europe. After the close on Friday, Standard & Poors downgraded 9 European countries and some by as many as 2 notches showing that the situation is Europe remains critical and on the verge of collapse. Some of the downgrades were already expected by traders and likely built into the price the index closed at on Friday. Nonetheless, there were some surprises in the amount of countries downgraded and the amount of downgrade seen, suggesting that the index will open lower, perhaps substantially lower, on Tuesday when trading resumes.
In looking at the daily closing chart of the DOW it is evident that this entire area between 12355 and 12471, and mostly between 12355 and 12426, is an important pivot point. Since February the index has shown a total of 7 relatively important closes, both to the upside and to the downside, in this area and the traders are likely to take their cue for a technical breakout or breakdown of the index above or below those levels this coming week.
From a purely technical chart perspective the probabilities favor the upside almost 2 to 1. On Friday the DOW got down to 12311 intra-day and ended up closing over 100 points to the upside and near the highs of day, suggesting that Friday was a spike day in which support was tested (likely successfully) and from which a rubber band rise will occur. It should also be noted that Friday's intra-day low at 12311 also has some meaning as the area between 12284 and 12311 has proven to be a relatively important intra-week support with 3 spike lows in that area over the past 8 months.
To the upside the bulls do not have much to overcome as decent resistance is not found until 12719/12724 is reached. Some very minor resistance is found at 12574 and even more minor at 12605 but it is not the kind of resistance that is likely to stop the DOW for more than a day or two and maybe not even then if the traders get bullish.
This coming week is likely to be indicative as the impact from the downgrades on Friday will be seen immediately on Tuesday and that will be followed up with a slew of important earnings reports (see below) that are scheduled for this week. By next Friday there should be some clearer indication of what the traders believe will be the end result of all this information.
As far as the chart of the DOW is concerned, a rally above last week's high at 12514 or below last week's low at 12311 will be highly indicative. This is especially true this coming week as the index did get slightly above, intra-week, an established 3-point trend-line at 12440 but did close below that line on Friday. A rally above the week's high at 12514 would confirm a breakout of that line, while a break below 12311 would confirm another successful retest of that line. That is certainly what the big technical traders will be keying on this coming week.
NASDAQ Friday closing price - 2674
The NASDAQ was able to generate a green close on Friday above the 50-week MA and if follow through is seen next Friday would suggest that further upside will occur. Nonetheless, once before in the last 4 months (in October), the index closed above the 50-week MA but was unable to show follow through the following week closing in the red and 2 weeks later the index gave a failure to follow through signal. Not having gotten above the intra-week high in October at 2753 questions remain regarding what the index will do this coming week.
On the daily closing chart the NASDAQ did generate a red daily close on Friday making Thursday's close at 2724 into a successful retest of the decent daily close resistance at 2727 and at 2738. If Friday's red close is confirmed on Tuesday with another red close the traders will have mixed technical signals with the index showing a successful retest on the daily chart and no confirmation of that on the weekly chart, at least until Friday.
On a weekly closing basis, resistance is decent to strong at 2737. Above that level, resistance is decent at 2833 and at 2858 and strong at 2853. On a daily closing basis, resistance is strong between 2727 and 2738. On a weekly closing basis, support is minor to decent between 2605 and 2616. On a daily closing basis, support is minor at 2660, decent between 2596 and 2606, minor at 2539 and minor to decent at 2518.
The NASDAQ is still showing a bullish breakaway/runaway gap formation that the bears attempted to close on Friday and failed. The index got down to 2689 but getting those additional 5 points to close the gap proved impossible to achieve. The bulls were able to turn the index around and close it near the highs of the day and if follow through to the upside is seen on Thursday the gap formation will be strengthened. By the same token, it is anticipated that the indexes will open lower on Tuesday because of the 9-nation downgrades that came out after the close on Friday, and if the gap is closed it will be a negative that is likely to cause further downside. As such, it can be said that Tuesday could end up being a pivotal technical day for the index.
By the same token, like with all the indexes this coming week, earnings will likely have an impact. Two of the NASDAQ "biggies" (IBM and GOOG) are reporting on Thursday after the close and it is unlikely the traders will commit themselves strongly in any direction until Friday, the day after the reports come out.
Support is very tenuous at this time as none of consequence is found until the 2600 level is reached. Some support will be seen at the 200-day MA, currently at 2660, but that level is not supported by any other previous lows there. The only previous intra-week level of support is at 2617 and that one is considered minor. In addition, it is also where the breakaway gap is and if the runaway gap gets closed, this gap down to 2616 will likely be closed as well.
It is very evident in the NASDAQ chart that the bulls need to keep this rally going and get above 2753 before any weakness below Friday's low is seen. The probabilities do favor that happening at this time due to the recent short-term uptrend and staying above the 200-day MA. Nonetheless, with so much uncertainty being felt at this time it is likely the traders will jump on any technical signals that come out, especially in the case of the NASDAQ because of the lack of support for another 100 points down.
The levels to watch this week in the NASDAQ are 2753 to the upside and 2689 to the downside. Whichever one of those levels gets broken is likely to generate further movement of consequence in that direction.
SPX Friday closing price - 1289
The SPX was successful in closing above the decent to strong weekly close resistance at 1285 on Friday, suggesting that further upside will be seen with the low to mid 1300's as the immediate objective. By the same token, the index will have to confirm this breakout next Friday before traders become more aggressive buyers and that objective will face possible pitfalls due to the array of important earnings reports in the financial community scheduled to be released this coming week.
The SPX was also successful in confirming last week's break above the 50-week MA with a second close above the line. In addition, Friday's spike low and close near the highs of the day suggests that a "rubber band" reaction could be seen on Tuesday. By the same token, as of this writing it is expected the index will open on Tuesday under strong selling pressure due to the downgrades that came out after the market closed on Friday. If Friday's spike low is negated on the open on Tuesday, the index will find itself under strong technical selling pressure and needing the important earnings reports due out next week to be much better than expected, especially since in recent history better than expected results in this industry have not been successful in generating a rally.
On a weekly closing basis, resistance is minor at 1298, decent at 1343 and strong at 1363. On a daily closing basis, resistance is minor at 1295 and minor to decent at 1305/1306. Above that level, resistance is minor at 1330, decent at 1343/1345, and decent at 1353. Strong resistance is found at 1363. On a weekly closing basis, support is decent at 1268, minor at 1257, and decent again between 1216 and 1219. On a daily closing basis, support is minor to decent at 1268 and decent between 1249 and 1256 and minor to decent again between 1212 and 1218.
The SPX will likely be the important index this week as most news scheduled to come out this week is financial in nature. MS, GS, BAC, WFC and a few other financial stocks report earnings this coming week. In recent history the earnings reports have come in better than expected but a selloff occurred the day the reports came out. That will have to change this coming week if the index is to go higher. It must be remembered that Standard & Poors downgraded 9 European nations on Friday after the market close and Tuesday morning will be the first opportunity the traders will have to show what that means to them. In addition, Wednesday morning GS reports before the opening and that is likely to be an important key for the week.
Technically there is a bit of resistance at 1298 and certainly the 1300 level must be considered psychological resistance. Nonetheless, when it comes to previous weekly close resistance there is none of great consequence until 1330 is reached. To the downside the bulls must keep the index closing above the 4-month breakout level at 1285 and that means no red close by more than 4 points on Tuesday. Any close lower than that will bring quite a bit of disappointment and sales. Any daily close this week below 1258 would be strongly disappointing for the bulls.
Based on the charts alone the SPX should move higher this week and work around 1300 for a few days. Nonetheless, the first couple of days of the week are likely to be fundamentally pivotal for the index.
The indexes are facing an important week ahead with the first of 3 heavily laden earnings reports week to be seen. The first week will strongly affect the financial stocks and could be the clue as to what the market will due thereafter due to the fact that the financial picture is what traders are mostly keying on at this time. The first 3 weeks of earnings reports are usually very volatile and can cause strong moves to be seen in one direction or the other, even from one week to the next. Nonetheless, on this occasion it could all be decided the first week.
Though much of the downgrades seen on Friday were expected and likely factored in to the trading already, there were some negative surprises in the downgrades that will likely cause an immediate negative reaction to be seen at the opening of the market on Tuesday. How negative that reaction is on Tuesday could color the rest of the week in spite of the earnings reports. For example, if last week's lows are broken on Tuesday it could become impossible for the bulls to overcome the chart negatives of such a reaction. Traders will be anxiously awaiting Tuesday's opening bell. By the same token, if the negative reaction is muted, the opposite could be true as well with the bears having an impossible task of stopping further upside of consequence to be seen. Simply stated, Tuesday could be "it" for the week.
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Stock Analysis/Evaluation
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CHART Outlooks
The traders have not yet gotten a clear signal as to what the indexes are going to so. The situation in Europe continues to be difficult to assess and the earnings quarter is just now starting to get into gear. As such, there is no clear direction that can be ascertained this week. Nonetheless, stocks in general are starting to separate themselves from the indexes and move on their own, especially with earnings due out during the next few weeks.
As promised I did look over a large amount of stock charts this weekend and in general most stocks are at pivot points that could go either way. In addition, possible short-term upside and downside objectives do not offer good risk/reward ratios in either direction, making it very difficult to find stocks that offer something.
I did find 4 stocks that I see short-term potential and those are the ones that I am mentioning. In this particular situation choosing stocks is not based on what the indexes are likely to do but on what each individual stock is likely to do. As such, there are 2 sell mentions and 2 buy mentions.
PURCHASES
JNPR Friday closing price - 21.05
JNPR has fallen precipitously this past year after the stock made a new 10-year high in February at 44.98 but then gave a failure to follow through signal 4 weeks later when the stock closed below the previous high weekly close at 36.61. With that failure to follow through signal the bears got on the bandwagon and rode the stock all the way down to the 16.67 low seen the first week of October. The stock managed to lose 63% in value during that fall.
Since that low was made in October, JNPR has generated one decent rally back up to 25.60 which has to be considered mainly short-covering as well as a successful retest of the low with a drop down to 18.05 seen the third week of December. With that successful retest the interest in the short-side has waned and the probabilities seem to favor some upward movement from here on in.
JNPR has shown over the past 9 years that the $20 level has been an important pivot point as well as long-term general support and it does seem the stock is heading back down to the $20 level to revisit that area as well as retest the recent 18.05 low that was the first successful retest of the 16.67 low. In cases where a stock has fallen so precipitously over a short period of time it is expected that at least a second if not a third retest of the lows is needed before the traders can get comfortable again with buying the stock.
JNPR did generate a spike high this week with a rally up to 22.74 and a close near the lows of the week suggesting that some follow through below last week's low at 20.18 will be seen this coming week. The stock does show some minor to decent support between 19.37 and 19.63 that should be seen but should also hold any further drops.
JNPR does show decent resistance at the October high of 25.60 but if the stock has indeed bottomed the possibilities of that short-covering rally high being taken out are good. The 200-week MA, currently at 26.10 could be an objective but in reality the stock does not show any strong previous resistance until the $29 level is reached, so there is a possibility that the stock could rally back up to that level if indeed a low has been found.
Purchases of JNPR between 19.37 and 19.75 and using a stop loss at 17.95 and having a minimum objective of 26.10 will offer a 4-1 risk/reward ratio.
My rating on the trade is a 3.75 (on a scale of 1-5 with 5 being the highest).
SKX Friday Closing Price - 13.31
SKX has been on a long-term downtrend since a high was made at 44.90 in Jun10. The stock has consistently lost market share due to its pricey shoes that cater mostly to well-to-do teens while the economy has not been supportive of that kind of purchase. Nonetheless, the stock has fallen 75% in value (an important Fibonnaci number) and this past week a major key reversal on the weekly chart occurred when a new 30-month low was seen but the stock closed above the previous weeks high. This action strongly suggests that a major low at 11.21 has been found and that a strong short-covering rally will occur.
SKX shows no resistance of consequence on the weekly chart until the 50-week MA, currently at 15.95, is reached. From a previous weekly high close resistance basis, resistance is minor at 16.02 and strong at 17.17. Rallies up to the $16 level seem likely to occur if follow through to the upside is seen this coming week (likely). Support will be found at 12.75/12.80 and then stronger at between 11.89 and 12.01 (11.75 on an intra-week basis).
On the daily chart, some minor intra-week resistance is found at 14.03 but if broken no resistance is found until the 200-day MA is reached, currently at 15.20. With the stock having closed near the highs of the week follow through to the upside is expected to be seen this coming week. Nonetheless, the stock did sell off slightly on Friday to close in the middle of Friday's trading range suggesting that a small drop at the beginning of the week could occur. The stock did break above the 50-day MA, currently at 12.71, and drops back down to that level or at least down to the October 4th low at 12.81 can be expected if a pause in the rally occurs.
It should be mentioned that if in fact a major low is in place it is likely the stock will rally back up to the 200-week MA, currently at 19.70. Though that level cannot be the short-term objective as a lot of backing and filling is likely to occur before that level is reached, it is an objective that can be seen over a period of 3 months.
It should also be mentioned that short-term (next 2-7 days) the 12.81 level of support has a good chance of holding up but ultimately a drop back down to 11.75 is likely to be seen. This is being mentioned because the stock can be played for a short-term bounce with a close and sensitive stop loss or for a longer term run up to the 19.70 level with a stop loss below the strong support.
Purchases of SKX between 12.71 and 12.82 and using a stop loss at 11.65 and having an objective of 19.70 will offer a 6-1 risk/reward ratio. Such a play would offer a high probability rating. If playing short-term, the stop loss could be placed at 12.60 and the objective would be 15.60-16.00, which offers a 15-1 risk/reward ratio but a much lower probability rating.
My rating on the trade is a 4 (on a scale of 1-5 with 5 being the highest).
SALES
VHC Friday Closing Price - 26.58
VHC seems to be copying the 6-week trading pattern seen in April and May of last year where the stock traded between a high of 28.89 and a low of 20.53. The stock this time around got slightly above the April 6th high of 28.89 with a rally to 29.45 and also got slightly above the April 25th high of 27.75 with a rally this past week to 27.97. Nonetheless, neither of those rallies ended up with any follow through.
VHC's rally this past week to 27.97 has to be particularly worrisome to the bulls inasmuch as it came from a successful retest of the 200-day MA last week when the stock dropped down to 23.57 and bounced up from it. The bulls should have been able to rally the stock above the previous high at 29.45 with the help of the successful retest and the continued strength in the indexes, and yet they weren't. This scenario seems to suggest that the traders will once again test the recent low and likely break it with the 20.53 seen on May 25th as the objective. If nothing else, another retest of the 200-day MA is likely to occur.
Using the 60-minute chart, VHC shows a high probability of rallying back up to the 27.30 to 27.48 level where a sale can be considered that offers a very good risk/reward ratio using either the 20.53 objective or simply the 23.60 level where the 200-day MA is currently located. The stock did test the 27.97 high seen on Monday with a rally up to 27.86 on Thursday and a red close on Friday, increasing the probabilities of the trade being successful.
Sales of VHC between 27.20 and 27.47 and using a stop loss at 28.07 and having a minimum objective of 23.60 offers a 4-1 risk/reward ratio. Nonetheless, the main objective is a drop down near 20.53 and such an objective will give the trade almost an 8-1 risk/reward ratio.
My probability rating on the trade is a 3.25 (on a scale of 1-5 with 5 being the highest).
OSK Friday Closing Price - 24.39
OSK has been on a short-term rally of consequence having moved up from a low of 14.07 seen on October 4th to Friday's 5-month high at 24.53. Nonetheless, the stock has been in a strong downtrend on the weekly chart since January when the stock hit a high of 40.11 and that downtrend was further exacerbated in July when the stock received a negative earnings report and gapped down below an important support at 24.63. As such, the recent uptrend can only be considered a short-covering rally and likely to fail at this level.
Though the previous intra-week low at 24.63 in OSK was not broken this past week, though the bulls tried on 3 occasions to get above that level, breaking above that level on an intra-week basis would not be much of a surprise as the weekly closing level is much more important than the intra-week level and that is at 25.95/26.48. In addition, the stock closed near the highs of the week on Friday and "above" the 200-day MA, currently at 24.10, and further upside is expected to be seen this coming week with the 50 and 200-week MA's, both currently at 26.00, being the likely objective.
OSK is still on a weekly downtrend and the gap area between 25.82 and 28.52 still looms as an imposing fundamental resistance that is not likely to get broken without fundamental help from the company or from the marketplace.
To the downside, OSK should at least go back down to retest the recent low at 14.07 before trying to establish an uptrend again. Drops down to at least 15.85 are expected. By the same token, if the stock fails here (likely) it will still be in a downtrend and the possibilities of the 14.07 level being broken are good with the psychological support at $10 being a viable objective if that happens.
Sales of OSK between 25.50 and 26.00 and using a stop loss at 26.89 and having an objective of 15.85 will offer a 6-1 risk/reward ratio.
My rating on the trade is a 3.5 (on a scale of 1-5 with 5 being the highest).
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Updates
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| Updates on Held Stocks |
Closed Trades, Open Positions and Stop Loss Changes |
| DCTH was able to generate a new 4-month high weekly close on Friday breaking above a decent weekly close resistance at 4.13 with a close on Friday at 4.16. By the same token, the close was not high enough above the previous weekly close (only 3 points) to be totally convincing, leaving a shadow of a doubt as to whether further upside would be seen. In addition, Friday's high at 4.48 was right up to the 200-day MA and that has to be considered a line of important resistance and one that is not likely to get broken without further positive news. On a positive note, though, the stock was finally able to close the gap from October between 4.42 and 4.45 suggesting that the fundamental picture has changed and that the sellers no longer have the upper hand. What has been seen up to now has been a short-covering rally based on the possibility of further positive news coming out in the next few weeks. From here on in, though, the burden of proof will be on the shoulders of the bulls as the technical chart resistance is strong enough at this level to stop further rallies unless there is a strong reason to think further positive will come out. The stock did have a reversal day on Friday with new 4-month highs and a red close and near the lows of the day suggesting that further downside will be seen on Tuesday. Drops down to the 3.75 level, which had been a previous resistance level, are likely to be seen this week. What the stock does there will likely dictate what it will do the next few weeks. Any close above 4.50 would be a strong positive. Any close below 3.75 will likely take the stock down to 3.25. This coming week seems to be pivotal for the stock. Probabilities slightly favor the downside. FCEL seems to have built a bottom over the past 3 months and is now attempting to generate a small breakout. The stock got up to the 100-day MA, currently at 1.00, this past week and that is a line that the stock has been unable to get above since April. The stock did fall back from that line after closing on the line on Thursday. Nonetheless, a close above 1.00 would now be considered a positive. A rally above 1.12 (1.10 on a daily closing basis) would be a buy signal. Support should now be found at .94. ELON had another uneventful week trading in a narrow trading range the entire week but that has to be considered a positive inasmuch as the stock is still in a downtrend and no action of consequence favors the upside. The stock continues to show decent resistance at 5.19 and until that level gets broken the bulls are not likely to increase their purchases. The 50-day MA is now at 5.19 as well and a break and close above that level will likely bring a strong round of short-covering. Support is still found at 4.85 but not yet sufficiently strong enough so that a break of that support cannot be seen. Drops down to 4.61 would likely occur if 4.85 is broken. Probability numbers for this week on a short-term direction are split evenly but this is a week where something is likely to occur as further sideways trading would actually cause a break of the 50-day MA to occur. A break above 5.19 will likely cause enough short-covering to generate a rally up to at least 6.09. HD closed on Friday at the same 43.51 weekly closing high seen in Jul05. Any green close next Friday would be a new 10-year high. The stock has not approached the intra-week high at 44.30 yet but if there is any strength in the indexes that level could be seen this week. Breaking above 44.30 or closing convincingly above 43.51 next Friday will likely generate a rally up to the $50-$51 level that was strong resistance between 2000 and 2001. Stops should be in place at 44.40. The stock is severely overbought as it has shown no correction or pause since October when it was trading at $31. Probabilities favor a turn to the downside but this is a pivotal week for the stock. RHT traded in a narrow $1 range all week but ended up the week on a negative note generating a red close and making the previous week's high and close into a successful retest of the 50-week MA, currently at 43.80. The long term weekly chart suggests that a drop back down to the 40.27 level is likely to occur sometime over the next couple of weeks but it also suggests that the stock will likely generate a retest of the 48.37 to 49.00 level at some point over the next 3 months. On the daily chart, a break below 42.03 will likely bring 40.27 into play while a break above 43.50 will cause the stock to rally up to the 44.00 to 44.55 level. Probabilities favor the downside this coming week. LIZ got a negative earnings report on Tuesday that caused the stock to gap down to the 50-day MA, currently at 8.40. Nonetheless, there was no follow through to the fall and the stock recovered 70% of the loss by Friday. The bulls have been successful in closing a good portion of the original gap between 9.60 and 8.77 with a rally on Friday up to 9.39. If successful in closing the rest of the gap this week the gap will lose any negative meaning and the recent uptrend that started in October will likely resume. On a daily closing basis, support is now decent at 8.64. Resistance is decent to perhaps strong at 9.93. Probabilities favor the upside as bad news did not break the strong uptrend or even cause it to give a sideways trend signal. CSX broke intra-week above the 200-day MA, currently at 23.00, as well as above the 50-week MA, currently at 23.40, but was unable to establish itself convincingly above either on those lines when on Friday the stock closed below those lines. In addition, on the weekly closing chart, the stock failed to close above the high weekly close for the last 6 months at 23.11. The stock has shown strong resistance in the low to mid 23's since May08 and though fundamentally things are looking more positive for the company it is evident the traders are not ready to take the stock higher, above this long-term resistance, without some positive fundamental catalyst, albeit it for the company or for the market in general. The stock did close out the week in the green and therefore technically the stock is still in a short-term uptrend. In addition, the stock did generate what could be a spike low on Friday when it dropped down to 22.35 and bounced up .60 cents. If the stock is able to get above Friday's high at 23.33 the probabilities will increase strongly that further upside of consequence will occur. A drop below Friday's low will likely cause the stock to drop down to the breakaway gap area at 21.55. Stop loss should continue to be at 23.76. Probabilities slightly favor the downside because of the failure to close convincingly above the MA's lines but the key word is "slightly" It is evident the stock is at a short-term pivot point and like the indexes something is likely to be decided this coming week.
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1) ELON - Averaged long at 8.34 (5 mentions). No stop loss at present. Stock closed on Friday at 4.98.
2) VHC - Averaged long at 24.165. Liquidated at 27.80. Profit on the trade of $727 per 100 shares (2 mentions) minus commissions.
3) VHC - Purchased at 20.40. Liquidated at 26.80. Profit on the trade of $640 per 100 shares minus commissions.
4) FCEL - Averaged long at 1.34 (5 mentions). No stop loss at present. Stock closed on Friday at .98.
5) HD - Averaged short at 38.63 (3 mentions). Stop loss at 44.40. Stock closed on Friday at 43.51.
6) DCTH - Averaged long at 4.14 (3 mentions). Stop loss at 2.75. Stock closed on Friday at 4.16.
7) RHT - Purchased at 39.85. Stop loss at 39.09. Stock closed on Friday at 43.04.
8) LIZ - Purchased at 8.46. Stop loss at 8.15. Stock closed on Friday at 9.21.
9) CSX - Shorted at 23.04 and at 23.60. Averaged short at 23.32 (2 mentions). Stop loss at 23.76. Stock closed on Friday at 22.91.
Previous Newsletters
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Encyclopedia of Chart Patterns. A must have for chart aficionados! |
The opinions and commentaries by Mr. De Vito are not a recommendation to buy or sell, but rather
a charting guideline, based on his own knowledge and experience, regarding the stocks he is following or
that are brought to him by others. Mr. De Vito does not presently offer a track record of his trading experiences.
No inference of success and/or failure should be assumed. The
information enclosed above, regarding his background, length of trading, and experience, is correct
but is not meant to suggest, state, or infer any future success in trading, based on his opinions. The information herewith included should only be used by investors who are aware of the risk inherent in securities trading. Mr. De Vito accepts no liability whatsoever for any loss arising from any use of the information and/or comments he supplies. |
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