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Issue #386 
July 27, 2014 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| Economic Reports Week Ahead. Decisions by Friday?
DOW Friday closing price - 16960
The DOW continued the recent 8-week trend of exchanging red and green weekly closes with a red close on Friday. The index closed near the lows of the week and further downside below last week's low at 16915 is expected to be seen this coming week. By the same token, during the 8-week swap of weekly closes there has not yet been any week where follow through to the downside was seen the following week, meaning that if the index does not get below 16915 this coming week, the probabilities will favor the pattern continuing and a green close week next Friday. By the same token, if the index does get below last week's low, it could be a signal that the rally is over and that the seasonal correction is starting.
The DOW is facing a pivotal fundamental week with 80% of all the important economic reports for the month scheduled to be released this week. With the bulk of the earnings reports for the quarter already released, there will not be much fundamentally for the traders to look at after this week is over, meaning that some decisions on direction for the next 2-3 months are likely to be made this week.
It does need to be mentioned that in 2011, a year that looks very similar to what has already happened this year, the DOW began the "sell in May and go away" seasonal correction on the 4th week of July after all the bulk of earnings and economic reports for the month/quarter were out, and then proceeded to correct 20% in value over the next 9 weeks until the first week of October when the third quarter earnings reports started to come out. If last week's red close is the beginning of the correction, it will likely be a highly similar situation as seen in 2011 as last week was the 4th week of July and it was a red close on the lows of the week.
To the upside, the DOW will now show minor weekly close resistance at 17068 and decent at 17100. It should be mentioned that in 2007 the high weekly close for the rally was 14"093", meaning that the 17"100" high weekly close seen the previous week fits in well with the price area above the demilitarized zone for a top to be made, as was seen in 2007.
To the downside, the DOW shows intra-week support at the lows seen every other week since the swapping of red and close weeks started, meaning that support is found at 16805, at 16746, and at 16703. All of these supports are considered minor in nature as there were not even minor corrective phases involved. The 16700 level is also considered general support, suggesting that a fall to that level would not be a signal that the index is heading lower. Nonetheless, a close below the general support level at 16700 would suggest that a drop down to the previous all-time high weekly close at 16478 will occur, and a close below that level would give a failure to follow through signal that would highly likely generate strong profit taking as well as new selling interest.
There is some cause for concern for the bulls with the action seen this past week as the DOW broke below the 200 60-minute MA, which had not been broken during the past 9 weeks while the swapping of red and close weeks was occurring, suggesting this particular red close week could be breaking the pattern. The 60-minute MA is not necessarily a great indicator of a correction beginning but if the index closes below the 50-day MA, currently at 16845, and confirms such a break with a second close below that line, it will be the first time that will have occurred since March 17th (4 months), and would likely mean the short-term trend has changed.
The stage is set technically for the DOW to begin a corrective phase but much will depend on how all the economic reports this week are evaluated by the traders. By the same token, almost every economic indicator due out this week is already anticipated to be equal or better than they were last month, meaning that for there to be a positive bullish surprise, the reports would have to be substantially better than already expected, and that is a very low probability. Simply stated, the probabilities are now starting to favor the bears.
NASDAQ Friday closing price - 4449
The NASDAQ kept the uptrend intact by generating a green weekly close on Friday. By the same token, the bulls were unable to generate a new all-time high even though the index did get up to the previous 14-year high at 4485, suggesting that further fundamental help may be needed to push the index higher. The index did fall back to close near the middle of the week's trading range, leaving the door open for either direction based on how this week's economic reports come out and are evaluated.
The NASDAQ did not get much help from its 4 key earnings reports this week as only FB was up strongly (up 10% in value). The others did not fare as well as AMZN dropped 10% in value, NFLX dropped 5% in value, and AAPL only went up minimally. Among the top 7 companies in the index only PCLN is left to report (August 7th) and it is doubtful that earnings report will have much impact as the stock has already more than doubled in price over the past 21 months and further upside of consequence is unlikely to be seen. As such, the bulls will need some overall economic good news this week if they hope to continue higher.
The NASDAQ remains the index to watch as the Tech Sector is still leading the market and what the index does, the rest will follow. Nonetheless, with no major earnings reports in the index this week and traders having to depend on economic reports and on chart factors it does need to be mentioned that the index generated a chart negative this week as a double top was created on the daily chart. The index got up to 4485 on July 3rd and again on Thursday and the double top was confirmed with a lower low on Thursday and a red daily close. The double top could turn out to be a strong negative if the index also goes below last week's low at 4404 this week and ends up with a red weekly close as that would mean a double top on the weekly chart has been built as well.
To the upside, the NASDAQ shows minor intra-week as well as daily/weekly close resistance at 4485. A break above that level shows no weekly close resistance above until 4963 is reached. Nonetheless, on a monthly closing basis, resistance is found at 4696. To the downside, the NASDAQ shows minor but likely indicative intra-week support at 4351/4352 and again at 4336/4339 that does include the previous high weekly close at 4336, which is important and pivotal as a weekly close below that level would suggest a failure to follow through signal would be given. Further but also minor intra-week support is found at 4284 and slightly stronger between 4239 and 4250. A break below 4207 would likely cause a drop down to 4000 as well as being a negative sign.
The NASDAQ did gap down on Friday between 4465 and 4457 but the index did close near the highs of the day on Friday and closure of the gap is likely to be seen on Monday, especially since there was no special reason for the gap to be built in the first place. Resistance is going to be found at 4471 but it is unlikely that level will be broken until the economic reports come out, and only if the economic reports are evaluated as bullish.
The big key this week in the NASDAQ will be the 4404 level to the downside and the 4485 level to the upside. Whichever level is broken, follow through of consequence is likely to be seen. Probabilities do favor the bears.
SPX Friday closing price - 1978
The SPX moved one step closer to the 2000 level having gotten above the previous intra-week all-time high seen 5 weeks ago at 1985 with a high this past week at 1991. Nonetheless, the bulls were unable to make a statement as the index sold off to close exactly at the same level as the previous week and "still below" the all-time high weekly close at 1985. The action seen does suggest that the bulls will need some strong economic news this week to accomplish their goal.
The SPX closed in the middle of the week's trading range but on the lows of the day on Friday, suggesting the first course of action will be to the downside with the 200 60-minute MA, currently at 1967, as the objective. With last week's low being 1965, it is unlikely that level will be broken unless some of the economic reports are viewed as bearish, meaning that the index could see a 1967-1993 trading range this week if there are no surprises in either direction.
The SPX has now been in a 3-month uptrend that has included 7 "mini" corrections or drops in price but where none of the previous lows has been broken, meaning that the traders continue to have confidence that further upside will be seen. The 2000 level is a major magnet for the bulls as reaching that level would be seen a psychological victory of consequence. By the same token, it should be mentioned that the most recent previous low is 1955 and that level has now taken on added meaning.
To the upside, the SPX shows minor weekly close resistance at 1985 and minor intra-week resistance at 1991 and then nothing until the psychological resistance at 2000 is reached. To the downside, last week's low at 1965 will offer some minor support. Further support, is found at 1955 and at 1952 but the 1952 level is likely pivotal since that has been the low for the past 4 weeks and since none of the previous lows have been broken during the past 3 months, a break of 1955/1952 would likely generate some strong profit taking and likely new speculative selling. A break below 1952 will likely take the index down to the 1897/1902 level where the previous all-time high seen in April at 1897 is found. A break of that level would give a failure to follow-through signal.
As stated the past 2 weeks, the SPX is presently in a 1950-2000 trading range that is relatively uneventful. A break of either of those levels is likely to bring about strong movement in that direction. Probabilities now very slightly favor the bears.
The important earnings reports are now out and the attention will shift to economic news as 80% of the important economic reports for the month are scheduled for this week. After this week is over, the traders are likely to decide what the market is to do for the next 8-10 weeks until the next set of important earnings reports come out in October. The probabilities favor a correction as the "sell in May and go away" seasonal tendency has not yet been negated. In addition, the large portion of analysts and traders expect a correction to occur and have not shown a strong desire to buy at these prices.
The indexes generated a negative day on Friday and some important intra-day support levels were broken that have not been broken for weeks, suggesting the traders may have been anticipating a correction to start this week. The action on Friday also suggests that the burden of proof is likely on the shoulders of the bulls. By the same token, some of the selling interest seen on Friday may have to do with the fact that the problems in Ukraine and in Israel seem to be escalating rather than abating and that is likely a recipe for turmoil in the market.
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Stock Analysis/Evaluation
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CHART Outlooks
Though there are still a slew of important economic reports this week that could change the outlook, the probabilities now seem to be favoring the bears and the seasonal correction. All mentions this week will be sales.
There are 2 new mentions this week that have high probability ratings and those are the ones mentioned below. Nonetheless, there is still interest in shorting last week's mentions (LEN, CAT, and AMZN) but not at the present levels. Should those stocks rally at any time this week and build a new desired entry point, it will be mentioned in the message board.
SALES
DD Friday Closing Price - 64.93
DD made a new all-time high the first week of June at 69.70 but the company lowered guidance on June 27th due to disappointing farm seed sales and the stock gapped down from 67.30 to 66.19 on the news and has not been able to recover from that during the past month. The earnings report came out on July 22nd and it confirmed the guidance given 4 weeks before, meaning the bulls have not received any fundamental ammunition with which to regenerate the uptrend.
Due to the news and action seen during the past 5 weeks, DD has built an inverted flag formation on the weekly chart with the flagpole being the drop from 69.70 to 64.34 and the flag being the action seen the past the past 5 weeks between 64.34 and 65.98. A break below the bottom of the flag at 64.34 offers a 60.62 objective.
DD has not gone lower during the past few weeks likely because of 2 reasons: 1) traders were waiting for the bulk of the important earnings reports to come out before making "any" decisions and 2) because the 200-day MA has been holding the stock up. The bulk of the earnings reports are now out and after this week if the earnings reports are not surprisingly better than expected, the probabilities will favor a correction in the market that would likely cause a break of support in the stock. In addition, the 200-day MA has now been tested successfully on 3 occasions and yet no rally above the 4 week high at 65.98 has been seen, suggesting that the bulls have failed for the past 5 weeks to resume the previous uptrend.
On Friday, DD closed in the lower half of the week's trading range and on the lows of the day, suggesting the 200-day MA, currently at 64.55, will be tested again and after 3 previous tests that failed to stimulate new buying, the probabilities favor a break of the line.
To the downside, DD shows no previous support until the $60 demilitarized zone is reached, meaning that if the recent low at 64.34 is broken, the probabilities of a fast drop to $60 are high. Nonetheless, even though a pop back up to the 64.25 level would likely be seen soon after, the actual objective of the mention is going to be the 200-week MA, currently at 53.30, if and when the seasonal correction in the market occurs. To the upside, DD has clear resistance between the most recent high at 65.85 and up to the gap low at 66.19. Further resistance is found at the 67.00 level which includes the top of the gap at 67.30 as well as both the 50 and 100 day MA's, both currently at 67.00.
DD is a high probability trade with at least a $60 objective in mind, due to the short-term fundamental and chart picture seen. The stock though, could be a great trading vehicle during the next 2-3 months with a sale at this level, covering of the short around $60, and a new sale around $64 with an ultimate objective of $53-$54.
Sales of DD between Friday's closing price at 64.93 and up to the 200 10-minute MA, currently at 65.30, and using a stop loss at 67.35 and having a 53.25 objective will offer a 4-1 risk/reward ratio.
My rating on the trade is a 4.5 on a drop down to the $60 level and a 3.75 on a drop down to the $53-$54 level (on a scale of 1-5 with 5 being the highest).
DLTR Friday Closing Price - 54.22
DLTR has been on a major run to the upside for the last 6 years since the stock last broke above the 200-week MA in April 2008. The line was tested successfully on 3 occasions during the next 10 months and from February 2009 to the present date, the line has not even been approached as the stock has increased in value 6-fold having gone from $10 to the all-time high at 60.19.
Nonetheless, DLTR seems to have found a major top as the stock has traded all this year between $50 and $57 and having now tested the 60.19 high successfully on 2 occasions the probabilities seem to have now shifted toward the bear side for the short to mid-term.
In looking at the long-term chart of DLTR, it does seem like the stock could be in the process of building a major Head & Shoulders formation with the left shoulder at 56.81, the head at 60.19, and the right shoulder at the recent high at 57.22. What still needs to be built is the neckline and with the left neckline at the November 2012 low of 37.11, the probabilities do suggest the right neckline could be where the 200-week MA is currently at, at 43.70. As such, the 200-week MA will be the objective of this mention, to be reached sometime over the next 2-3 months.
To the upside, DLTR shows resistance at Thursday's high at 55.18. Further and stronger resistance is found at 56.70 and at 57.22. Nonetheless, if the evaluation above is correct and the stock is heading lower now, the $55 demilitarized zone is not likely to be broken any more, especially since the $55 level has proven to be decent pivot point resistance on the daily chart for the past 12 months, having seen 4 important intra-week highs and 5 important intra-week lows during that period of time.
To the downside, DLTR shows minor but likely short-term indicative support at 54.01 that if broken would likely take the stock down immediately to the 52.92-53.15 level. A break below 52.92 though, would highly likely suggest the stock will drop down to the $50 level. Important support for the past 12-months is found at 49.53 that if broken would open the door for the stock reaching the downside objective at 43.70.
It should be mentioned that for the past 4 months DLTR has traded 89% of the time below the 200-day MA (currently at 54.45) and that is a bearish indicator. In fact, 10 of the 15 days the stock has been above the line during the past 4 months came this month while the market was acting bullishly awaiting the first 3 weeks of earning quarter (which generally is a bullish period anyhow), likely meaning that now that the bulk of the important earnings reports are out and the stock is back trading below the line, that it is a sign that no further upside is likely to be seen.
Sales of DLTR between Friday's close at 54.22 and up to the 200 10-minute MA, currently at 54.50, and using a sensitive stop loss at 55.35 and having a 43.70 objective, will offer a 10-1 risk/reward ratio. If a less sensitive stop loss is preferred, it can be placed at 57.35 and that would lower the risk/reward ratio to 3.3-1.
My rating on the trade is a 3.75 if using the 55.35 stop loss and a 4.25 if using the 57.35 stop loss (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 |
| AKS extended its gains with the 5th green weekly close out of the last 6 weeks and closed near the highs of the week suggesting further gains will be seen this week. By the same token, the stock is nearing a level between 9.35 and 9,50 where resistance is likely to be found that could cause the stock to fall back to once again test the 200-week MA, currently at 8.00. Further resistance is found at 10.33 (9.91 on a weekly closing basis) but should the stock continue higher above that level it would likely head up to the $15 level. By the same token, the chart suggests that the probabilities favor a $7-$10 trading range for the next 3-6 months, meaning that a rally up to the $10 level should be used as an opportunity to take profits. ARNA continues to trade much like it did the last time the stock got down to the 200-week MA in October (currently at 4.95) when it languished around the line for 5 weeks without direction. The stock did close on the lows of the week, suggesting further downside below last week's low at 4.73 will be seen this week. Old (6 years) weekly close support is found at 4.67 and then stronger and much more recent and relevant support at 4.37/4.38. Below that level there is no weekly close support until 3.48 is reached. The probabilities favor a green close next Friday but how low the stock trades this week is the big question mark because if the 4.67-4.70 level is broken there could be a rash of selling and a drop down to the October lows between 4.05 and 4.37, meaning the bulls would have problems trying to rally the stock back before the end of the week. An intra-week break below the 4.67-4.70 level would be considered a short-term negative. Minor resistance will be found at last week's high at 5.05 that if broken would suggest the downside pressure will be relieved if not totally negated. CVX made a new all-time high weekly close above the previous high made 7 weeks ago at 132.34. The stock did close near the highs of the week and further upside above last week's high at 135.10 is likely to be seen this week. By the same token, the stock did generate a red daily close on Friday and near the lows of the day, suggesting the first course of action for the week will likely be to the downside with the previous high daily close at 132.98 as the likely objective. By the same token, the stock did generate a gap on Tuesday between 131.34 and 131.55 that could be a magnet should the stock start trading below the 132.56 level that is support on the 60-minute chart. With the stock having had a 130.01 to 135.10 trading range last week, it is possible that a 130.86 (200 60-minute MA) to 136.00 trading range be seen. The stock is presently being held up fundamentally by the threat of oil disruption in the middle-east. Should that threat be negated the stock could give up much if not all of its recent gains. Probabilities though, continue to favor the bulls. ELON generated a reversal week, having made a new 6-month low and then closing in the green. By the same token, the reversal was not remarkable since the stock closed slightly in the lower half of the week's trading range, suggesting that further upside (if seen) is still likely to be minimal. Minor resistance is found at last week's high at 2.35 and again at the 50-day MA, currently at 2.42. The trading interest has diminished strongly as volume has dropped over the past 8 weeks to below 100,000 a day, suggesting that even though further weakness is likely to continue, it will be minimal as the stock does have a $1.75 per share book value. By the same token, there doesn't seem to be any buying interest either and that is not likely to change until the company's fundamentals change. Everyone should be out of the trade now and though I continue to hold shares bought 3 years ago, I am not going to continue to give updates on this stock until something of consequence happens. FCEL generated a green close on Friday, making the previous week's close at 2.12 into a needed and successful retest of the 1.90 low close seen in May. The rally was prompted by the news the fuel cell industry in Germany got a $5.4 million dollar grant from the government for research funding into the industry. The stock popped up to the 2.65 level but did find selling interest there and closed in the middle of the week's trading range and below the weekly close resistance at 2.45, meaning that there are still some question marks about how much this grant may help the stock and the industry. A rally above 2.65 would now be considered a breakout and likely generate a rally to the multi-year weekly closing high at 3.53. A drop below 2.04 at this time would be considered a strong negative. GIGM got up on Wednesday to the previous high at 1.18, seen the first week of July, and once again found selling interest causing the stock to fall all the way back to the 1.06 level. Nonetheless, the stock reversed directions on Friday having made a 1.05 low and then closing in the green, suggesting that buying interest remains at the lower levels. The high of the week at 1.18 was right on the 100-day MA, also suggesting that if that line is broken on a closing basis that new buying interest will be seen. The stock has now traded sideways between 1.00 and 1.18 for the past 3 months since the stock fell first fell to 1.00 on May 29th. The 200-week MA, currently at 1.14, seems to be the pivot point on a weekly closing basis, meaning that if the stock can close on a Friday above 1.14 that the uptrend will be renewed with the multi-year high weekly close at 1.72 as the objective. Probabilities favor some upside this week with the 1.12-1.14 level as the objective. HAL continued the recent uptrend with yet another new all-time high weekly close on Friday that included a close near the highs of the week, suggesting further upside above last week's high at 74.33 will be seen this week. The company remains in a positive mode as long as the oil industry continues to appreciate in value. On a negative note, the stock made the high at 74.33 on Wednesday and then proceeded to generate a red close on Thursday and an unchanged close on Friday, meaning that some selling interest is being seen at these levels. With no support found until the previous all-time high daily close at 71.01 is reached, there is a good chance that some downside will be seen this week, generating a possible 71.01-74.69 trading range, similar to the 70.65-74.33 trading range seen last week. It has been said before that this company is overbought and overpriced and that it is a prime candidate for a strong correction. Nonetheless, as long as the conflict in the middle-east and in the Ukraine continues, the stock will likely remain supported. Support is now found at 68.68 that if broken would likely generate a move down to the $60 level. Stop loss is at 74.35 but is mental, meaning that if the stop loss is triggered that a decision will be made based on what is happening with oil prices. The short trade put on this week is highly speculative and does not have a high probability rating. LVS generated a green weekly close on Friday but it was unremarkable since the stock closed in the middle of the week's trading range but more importantly still below the weekly close support at 73.16 that got broken the previous week and suggests the stock is heading down to the $60 level. The stock did have an inside week and that does support the bears inasmuch the as recent trend has been down. By the same token, a rally above or below last week's trading range between 72.01 and 74.41 is likely to be short-term indicative, meaning that a break of either of those levels is likely to generate further movement in that direction. A rally above 74.41 is likely to generate a move up to the 200-day MA, currently at 76.40 and another retest of the breakaway gap between 75.97 and 76.63. A break below 71.93 is likely to generate a move down to the $70 demilitarized zone but a break below 68.19 would be strongly bearish and likely generate a move down to at least the 62.30 level. The chart favors the bears but this area between $69 and $72 is pivotal short-term support. By the same token, the earnings report was negative and that will continue to weigh heavily on the stock unless the overall market can generate a rally. MELI generated a green weekly close on Friday, meaning that the previous week's close at 89.29 is now considered a successful retest of the 200-week MA, currently at 88.25. By the same token, the bulls were unable to get above the previous week's high at 92.49 (got up to 92.46 this week) and that was not as positive a statement as the bulls would have liked to leave. The stock closed in the middle of the week's trading range, suggesting the traders are looking for some news that will push the stock in one direction or the other. The stock did generate a red day close on Friday and the first course of action is likely to be to the downside, with 88.82/89.08 as the downside objective for the beginning of the week. Should that support level hold up, the probabilities will then favor the bulls, suggesting the stock could have an 88.82/89.08-93.07/93.34 trading range this week. Daily close resistance is found at 93.27 that if broken would likely bring in renewed buying interest and a rally and break above the recent high daily close at 96.04. Upside objective remains the 200-day MA, currently at 99.75. Support is now pivotal at 86.25, meaning stop losses should now be at 86.15. OXY generated a new 8-week red weekly close at 100.09 on Friday and closed on the lows of the week, suggesting further downside below last week's low at 100.00 will be seen this week. By the same token, the $100 level is important and pivotal weekly close support, meaning that if the bulls are able to generate a green weekly close next Friday that new buying interest will be found. Intra-week support is found between 99.02 and 99.27 that if broken could cause the stock to drop down to the 200-day MA, currently at 96.20. Resistance is now found at the recent high at 102.17 that if broken would likely cause the stock to rally up to the 103.50-104.04 level. Daily chart suggests the stock will continue lower but the weekly chart is ambiguous as the recent 105.64 level has not yet been tested successfully on that chart. Probabilities favor the bears but slightly. SINA generated an optimistic spike up rally this week which confirmed that the low weekly close seen 3 weeks ago at 46.67 was a successful retest of the pivotal weekly close support at 46.25. The stock closed near the highs of the week and further upside above last week's high at 50.40 is likely to be seen. Resistance on a weekly closing basis is found at 50.70 that if broken would suggest the stock is ready to move higher to the next resistance level between $57 and $60. The stock has built a bullish flag formation over the past 2 weeks with the flagpole being the rally from 46.01 to 50.40 that if broken (a rally above 50.40) would offer a 53.26 objective. Intra-week resistance is found at the 3-month high seen the first week of July at 52.77. Indicative and pivotal support is now found at 46.25. Probabilities favor the bulls. WDC generated a red weekly close on Friday after getting up to 102.11 the previous week. The red close made the previous weeks' close at 99.46 into a possible successful retest on the weekly closing chart on what is considered a strong psychological resistance at $100. The stock ended up having an inside week but the close was slightly in the lower half of the week's trading range, suggesting that the probabilities favor the stock going below last week's low at 98.48 this week. On the intra-week chart, the stock shows minor support at 97.59 and a bit stronger down around the 94.30 level. Important and pivotal support is found at 93.16. To the upside, there is resistance at 100.60 and then decent resistance at the all-time high at 102.11 (101.23 on a daily closing basis). Stock chart suggests some weakness will be seen this week with a possible downside objective of 94.30.
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1) OXY - Averaged short at 103.486 (3 mentions) Stop loss at 106.78. Stock closed on Friday at 100.09.
2) AKS - Purchased at 8.57. Stop loss at 8.28. Stock closed on Friday at 8.99.
3) FCEL - Averaged long at 2.276 (3 mentions). No stop loss at this time. Stock closed on Friday at 2.37.
4) VHC - Liquidated at 14.65. Purchased at 15.43. Loss on the trade of $78 per 100 shares plus commissions.
5) MELI - Averaged long at 84.552 (4 mentions). Stop loss now at 86.15. Stock closed on Friday at 90.50.
6) WDC - Shorted at 99.64. Stop loss at 100.35. Stock closed on Friday at 99.36.
7) GIGM - Averaged long at 1.225 (2 mentions). No stop loss at present. Stock closed on Friday at 1.07.
8) ARNA - Purchased at 4.82. Stop loss at 4.66. Stock closed on Friday at 4.76.
9) CVX - Averaged short at 125.855 (2 mentions). No stop loss at present. Stock closed on Friday at 133.57.
10) SINA - Averaged long at 46.316 (3 mentions). Stop loss now at 44.47. Stock closed on Friday at 49.60.
11) LVS - Shorted at 73.50 and at 73.80. Averaged short at 74.033. Stop loss now at 74.51. Stock closed on Friday at 73.14.
12) HAL - Shorted at 73.62. Stop loss at 74.35. Stock closed on Friday at 73.41.
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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