ARNA bulls were unable to generate any follow through to the previous week's close on the highs of the week, having only gone up to the previous week's high at 49.54 and then turning down to close in the red and on the lows of the week, suggesting further downside below last week's low at 47.12 will be seen this week. The action was highly disappointing given that the stock did not receive any negative news and was upgraded the previous week from a $63 to a $77 price target by Credit Swisse, and in addition generally follows the index market when there is no news affecting the stock. The negative action seen does suggest that the $50 level is perhaps even a stronger resistance area than previously thought. There is some intraweek support at 46.10 but if broken, the gap between 44.90 and 45.25, which was created right after the upgrade, will be targeted. On a possible positive note, the chart (as it is now and without evaluating what could happen this week) does show a bullish flag formation with the flagpole being the rally 43.53 to 49.54 and the flag being the action seen the past 6 days with the move down to last week's low at 47.12. What this means is that the bulls need to keep the stock above 47.00 in order not to negate the flag. If the flag is not negated, a break above the top of the flag at 49.54 would offer an upside objective of 55.54. Unfortunately, the probabilities do not favor the bulls this week.

AXP did not participate in the index rally, having gone below the previous week's low and closing in the red. Nonetheless, the stock closed in the upper half of the week's trading range, suggesting that the traders are waiting for the earnings report that comes out Thursday morning before making any determination as to direction. Evidently, the traders feel there is a slightly higher probability of a better than expected earnings report than not. There is pivotal as well as indicative resistance at 112.04 that is not likely to be seen or broken until after the earnings report comes out. By the same token and just as pivotal and indicative support is found at 108.19. Whichever of those levels are broken will likely determine the direction for the next couple of months. Probabilities slightly favor the bulls but not as much as the bulls would like to have.

BABA made a new 8-month intraweek and weekly closing high and closed near the highs of the week, suggesting further upside above last week's high at 189.79 will be seen this week. The recent resistance at 188.08 was broken but there was no prior history of that level being resistance so it was not all that indicative. There is decent resistance above at 191.75 and that level does have some history as the stock got up to the $190 level in October of last year and the bulls were unable to break 191.75 for 5 weeks in a row, suggesting that further upside above that level will either require the indexes to make new highs or some positive fundamental news occurring. During that prior 5-week period where resistance was not broken, a correction down to 166.79 did occur, meaning that the risk/reward ratio of keeping the short position at this price and looking for a better exit point favors the bears. Probabilities favor the bulls this week but only as far as getting the stock above the $190 level but not above 191.75.

CCJ generated a green weekly close, suggesting that the previous week's close at 11.63 is now a successful retest of the pivotal weekly close support at 11.53. Nonetheless, the bulls were not able to make a convincing statement given that the stock opened at 12.12 on Friday but sold off to close in the lower half of the week's trading range, suggesting that further downside below last week's low at 11.54 is likely to be seen. By the same token, the stock has traded mostly between 11.40 and 12.50 for the last 7 months and it is unlikely that anything outside of that trading range will occur this week.

ENG made a new 11-trading day high this past week, suggesting the bears have no longer are in control. Nonetheless, the break of the weekly close support at .675 was not negated, suggesting that the rally was more short-covering than new purchasing interest. By the same token, the stock did close near the highs of the week, suggesting further upside above last week's high at .68 will be seen this week and if the bulls can get above the intraweek resistance at .80, which was the high made just prior to the earnings report that brought the stock down, the bulls will recover the short-term edge. On a positive note and on the daily chart, the bulls did generate a failure signal against the bears on the daily chart, having closed 2 days in a row above its daily close breakdown level at .57, which does suggest the bulls will have an open door this week to attempt to generate a failure signal on the weekly chart next Friday. Intraweek support is now found at .57 and at .52. Probabilities favor the bulls this week.

FSLR generated strong follow through to the upside this past week which was helped by a conviction buy rating given by Goldman Sachs with an upside target of $75. By the same token, there was no resistance above where the bears could mount any sell pressure, meaning that the upgrade found open air above. The stock did close near the high of the week and further upside above last week's high at 61.13 is expected to be seen. Minor resistance is found at 62.57 that could stop the stock for a few weeks while the psychological support at $60 is tested. By the same token, there is no resistance of consequence until 65.50 is reached and it would not be all that surprising if the stock got that high before any profit taking occurs. On a weekly closing basis, the 61.22 level has some importance as it was the weekly close support level that got broken that caused the stock to fall to the $35 level. As such, a weekly close above 61.22 would be indicative of further upside to come, which based on the conviction buy rating of GS does suggest the will be able to generate. Intraweek support is now minor to decent and likely indicative at the $57 level. Probabilities favor the bulls.

IBM generated a new 6-month weekly closing high on Friday but the stock had an inside week, meaning that no new intraweek highs were made and that the bulls may be running out of ammunition. Then again, the stock reports earnings on Tuesday afternoon after the close of the market and it is more likely that last week's action was simply a pause than anything meaningful. The stock did close on the high of the week and further upside above last week's high at 144.44 is expected to be seen. Minor but short-term pivotal resistance is found at 145.45 that is not likely to get broken until after the report comes out. By the same token, a break of that resistance area offers open air until the $148 level is reached. Short-term pivotal support is now found at 141.84 that if broken would likely take the stock down to the $139 level. Probabilities favor the bulls this week but the earnings report is likely to be pivotal.

MCIG generated the 3rd red close week in a row and did negate the bullish flag formation that had been built the previous 2 weeks. The stock got down to the .11 cent level but the bears were unable to make a statement given that on the weekly chart the now important weekly close support at .1197 was not broken on Friday and on the daily chart, a successful retest of the low daily close at .1051 made in Mach occurred as the stock closed at .1168 on Thursday and a green close on Friday. The stock closed exactly at the midpoint of the week's trading range, meaning that a rally above last week's high at .135 or below last week's low at .11 would likely be indicative of direction for the short-term. Probabilities slightly favor the bears but that is based on the fact that the stock has been in a downtrend of last and not enough support/base building has occurred yet.