ARNA made a new 52-month intraweek and weekly closing high and closed in the upper half of the week's trading range, suggesting further upside above last week's high at 58.00 will be seen this week. The stock did back off almost 7% from the high given that an uptrend line is found at that level and some profit taking occurred. Nonetheless, the stock did close in the upper half of the week's trading and that suggests the profit taking binge that was seen on Friday will turn out to be no more than a retest of the previous daily closing high breakout point at 51.81 before resuming the uptrend. As it is, the stock has now had 2 weeks in a row of expanded weekly trading ranges ($7.60 and $9.92 respectively), meaning that the pattern is likely to continue for at least another week or two. The likely short-term is objective to the upside of this breakout is 62.80 and given that the stock showed almost a $10 trading range last week, a low for this week of around 51.80 and a possible objective of 62.80 would only expand the trading range $1 above what was seen last week. Either way, whether that objective is reached in 1 or 2 weeks, the bottom line is that the stock is on a breakout and there is no recent resistance of consequence until that level is reached. In fact, consideration should be given to adding positions this week on any drop below $52. Probabilities favor the bulls.

AAPL generated another red weekly close but a close in the upper half of the week's trading range (very much like the indexes did), suggesting a higher probability of going above last week's high at 192.47 than below last week's low at 182.85. Nonetheless, the bulls got up to the week's high on Thursday and were within $.30 of closing the gap at 192.77 but just like the indexes, they failed to get to minor resistance or in the case of the stock, to close the gap. The gap remains a magnet for the bulls and a positive signal for the bears if not closed and it seems that both (indexes and stock) are tied to each other at the hip, meaning that if the indexes break their minor resistances (mentioned above), the stock is likely to do the same with the gap. There is additional resistance close by (like with the indexes) at 194.20 but like with the indexes, that resistance is unlikely to be broken without positive news. As such, the stop at 192.77 should be mental given that the stock would only have $1.43 move to resistance but the downside objective is still the $160 level, meaning that the risk/reward ratio on the trade remains favorable even with a 194.35 stop loss. It also needs to be mentioned that the 200-day MA is currently at 192.46 and the probabilities of that line getting broken to the upside and the break being confirmed are very low. In using the intraday chart, a break below Friday's low at 186.81 would suggest the bulls will not get the rally that the chart presently suggest may occur.

CCJ continued its slide downward, have generated the 4th red weekly close in a row and having dropped 14% in value during that period of time. Nonetheless, the stock did get down to the low of the week on Monday (at 9.97) and the bears were unable to generate any further downside the rest of the week. The $10 demilitarized zone is a decent to perhaps strong psychological support and definitely there was some buying interest or at least short-covering seen there. The stock closed in the middle of the week's trading range, meaning that both the high and the low of the week have the same chance of being broken this week. Evidently, if the stock gets above last week's high at 10.24, more short covering is likely to be seen, especially if the top of the $10 demilitarized zone at 10.30 is broken. It does need to be mentioned that the gap from September's earning report at 9.99 has now been closed, meaning that is no longer a magnet or a tool for the bears. Given that the stock traded above the 200-week MA, currently at 10.88, for 15 weeks in a row and it was the earnings report on May 1st that brought about this recent drop and that caused the September earnings gap to be closed, it will be likely that a rally back up to the MA is seen first, before the bears attempt to break the $10 psychological support. As such, I do expect that the bulls will get a slight short-term edge and generate a rally back up to the line. I would be looking to either liquidate or cut the held positions in half. The one thing that does need to be mentioned is that the rating agencies did not make any big changes to their longer term outlook off of the earnings report. One rating agency did cut the upside objective from $20 down to $17 but another one kept the objective at $18, meaning that they are still overall bullish from the current prices. Evidently a break below the bottom of the $10 demilitarized zone at 9.70 would give new fuel to the bears. Nonetheless, probabilities favor the bulls at this time.

CPG generated an uneventful inside week given that oil was up and down all week and it wasn't until the end of the week that it finally showed some upward momentum. The stock did close in the middle of the week's trading range, leaving the door open for a rally above last week's high at 4.14 or a drop below last week's low at 3.75. One of the problems that the bulls are having is that the 200-day MA, currently at 4.24, has not been broken to the upside for the past 10 months and it is going to take a weekly close in oil above 64.00 (closed on Friday at 62.76) before the bulls can generate enough new buying to break the MA line. By the same token, the recent better than expected earnings report is going to give the bulls enough ammunition to keep the stock from breaking down, meaning that the stock is likely to trade sideways but likely with a slight bullish bias. Pivotal intraweek resistance is found at 4.46 and pivotal intraweek support is found at 3.47. Probabilities favor the stock trading in that range until oil breaks out.

CVS generated a new all-time intraweek low, having broken the previous low at 51.77 by $.05 cents at 51.72. Nonetheless, the break occurred on Friday and yet there was no follow through to the downside and a positive reversal day occurred, with the stock going above Thursday's high and then closing green and near the high of the day at 53.20, suggesting that the first course of action for the week on Monday will be to the upside above that high. The stock did close slightly in the lower half of the week's trading range, suggesting a slightly higher probability of going below last week's low at 51.72 than above last week's high at 54.45 but it does need to be mentioned that the bears were unable to generate a new all-time low weekly close below 52.63, having rallied sufficiently on Friday to close at 52.88. The company remains under sell pressure fundamentally given that the merger with AETNA is being contested and a ruling is not expected to occur until June 4th. Nonetheless, the merger has a high degree of probability of going forward and the fact that the stock has been trading in a $6 trading range between 51.72 and 57.75 for the past 11 weeks does suggest nothing of consequence will occur in any direction until the merger decision is finalized. The probabilities slightly favor the bears simply because the $50 level is a psychological magnet. By the same token, the inability of the bears to get down to that level for the past 50 trading days (when the stock first got down to 51.93) is a bullish statement of some inherent strength. The stock is likely to rally at the beginning of the week with a 54.34-54.83 objective and if that occurs, it could make sense to liquidate and look to re-purchase at a lower price.

ENG saw weakness come in this past week and the intraweek support at .73 get broken. The stock closed slightly in the lower half of the week's trading range, suggesting further downside below last week's low at .61 will be seen this week. Nonetheless, the stock recently made a multi-year low at .48 and that low had not yet been tested on the weekly chart and given that the weekly close support at .68 was not broken on Friday, it is possible and perhaps even likely that a positive reversal week will occur with the stock going below the .61 level but then closing green next Friday (above .68) and a successful retest on the weekly closing chart will have occurred. It is important to mention that if that does occur, an inverted Head & Shoulders formation will have been built that would offer a 1.09 objective if the neckline at .79 is broken thereafter. This chart outlook is more than simple speculation given that these price levels are at book value of the stock and the company has no debt and offers a product that is likely to continue to be in demand and probably grow as green energy becomes more desired. Probabilities slightly favor the bulls for a green close next Friday.

FSLR broke the minor weekly close support at the $60 demilitarized zone and did close near the lows of the week, suggesting further downside below last week's low at 57.40 is likely to be seen. This minor break does suggest that the uptrend has paused and that some backing and filling is likely to be seen for the next few weeks. The break of the minor support does suggest that the stock is now in the process of testing the weekly close breakout that held the stock down for 9 months at 54.53 or the daily close breakout at 55.65, before the uptrend resumes. There has been no negative fundamental news, suggesting that this move down is all chart oriented and an opportunity to buy. By the same token and holding four mentions at this time, consideration can be given to liquidate some of the positions on a rally back up to the $60 demilitarized zone that is likely to be seen this week. There is some short-term pivotal resistance found at 60.36 that if broken would bring some doubt as to whether the stock will retest the breakout level. Probabilities favor the bears this week.

IBM generated a new sell signal on the weekly closing chart, having close below the previous low weekly closed at 135.09. Nonetheless, the bulls were able to generate a close in the upper half of the week's trading range (just like the indexes did) and a small rally might be seen this week, above last week's high at 136.11. The stock did gap down last week after the company announced a $20 billion Bond offering to finance its purchase of RHT. The Bond offering got a chilly reception and it energized the bears to push the stock down below the 200-day MA, currently at 134.84. It is likely that if the stock does rally this week that the objective will be to close the gap at 137.13. A disappointing Bond offering should not be a valid reason for a gap to stay unclosed. Nonetheless, the bulls did try to close the gap on Thursday with a rally up to 136.11 and a close above the MA line. By the same token, the break above the MA was not confirmed on Friday when the stock once again closed below the line. It is evident that at this time any rally needs the support of the index market to occur. With the indexes likely to generate a small rally at the beginning of the week, the gap is likely to be closed. Nonetheless, if that does not occur and the gap is not closed, the bears will pounce and if able to get below last week's low at 130.96, especially if below the $130 demilitarized zone, there is absolutely no support until the $125 level is reached. Any close above the $140 demilitarize zone will wrest the control away from the bears. Probabilities favor the bears but this week a small rally might occur.

LNTH bulls have had a lot of trouble generating any new buying to the all-time highs made 8 weeks ago at 26.30. They did make a new high at 26.40 2 weeks ago but it brought no new buying interest and last week the stock fell 8% from that high, meaning that traders are starting to doubt that the stock will generate further upside. Nonetheless, the bulls were able to maintain the stock above the important weekly close support area between 23.60 and 24.10 (closed at 24.25 on Friday), meaning that the door is still open for the uptrend to resume. The stock did close near the lows of the week and further downside below last week's low at 23.98 is expected to be seen this week. There is short-term pivotal support at 23.58 that if broken would signal that the stock is at least on a pause and that further downside to the 22.30 level would likely be seen. The stock remains long-term bullish but any weekly close below 23.60 would be seen as a negative. Probabilities favor the bears this week but only for a drop down to around the 23.60 level where buying interest should be found.

MCIG continued its downward move to the $.05 level, having generated a new 41-week weekly closing low below the previous one seen 3 weeks ago at .0745. The stock did close near the lows of the week and further downside below last week's low at .065 is likely to be seen this week. It does seem that the fundamental outlook of the stock getting into a .05-.08 trading range is looking highly likely to occur. The bears are in control and there has been no success by the bulls in doing anything but small bounces. The stock is now showing pivotal resistance at .092. There is no reason to trade or hold the stock at this time and as such, this weekly update will end this week and there will be no new updates until the stocks shows some life.