I did not update (from last week's newsletter) anything on held stocks other than SRUTF and W, given that none of the other held stocks did anything of any consequence to change last week's comments. In addition, with this being a fundamentally important week but none of the held stocks are reporting earnings, it is likely that most held stocks will react to what the indexes do. As such, below are last week's comments which remain valid for this week, at least as far as from a chart basis. I did update SRUTF and W below because they were the only held stocks that did something unexpected.

ARNA generated a new 6-week high and closed on the high of the week, suggesting further upside above last week's high at 49.73 will be seen this week. There was no news about the company so the rally was index driven and likely to end up the same way that the index market does. There is quite a bit of decent intraweek resistance between 50.05 and 51.63 that looks difficult to break above, especially at 50.93 on a weekly closing basis as that was a multi-year high weekly close that help up for over 2 months before being broken. By the same token and on a daily closing basis, there have been a total of 4 previous high or low daily closes 49.68 and 50.18 that have been seen over the past 7 months that strengthen the resistance in that area, not to mention the fact that the 200-day MA is currently at 49.60, making the area a resistance of note. Short term intraweek pivotal support is found at 46.28 (47.17 on a daily closing basis) that if broken would suggest the rally is over. It does need to be noted that the chart is showing a bullish flag formation with the flagpole being the rally from 39.92 to 49.68 and the flag being the 45.90, meaning that if the flag is broken and confirmed as such, a 55.66 objective is given. With all the resistance found in this area, it will be close to impossible to break without the index market continuing higher, meaning that watching the index market (as well as the resistance levels mentioned) will be the deciding factor on what the stock does here. Based on the close on the high of the week as well as on the bullish flag formation, I have to give the bulls a slight edge for this coming week.

AXP ended up having an inside week and a red weekly close and a close that is below a previous close of some importance at 90.45 as well as below the most recent high weekly close at 88.73, suggesting more weakness than strength is being seen. Nonetheless, the bulls were able to close slightly in the upper half of the week's trading range, suggesting a slightly higher probability of going above last week's high at 93.42 than below last week's low at 80.33. The company reports earnings next Friday before the open and up to now, all financial companies that have reported have gone down in price thereafter but for the first few days of the week, the stock is likely to mimic somewhat what the index market does. The stock gapped up on Friday between 83.94 and 84.28 and that gap is likely to be closed at some point this week. In using the intraday chart, the stock shows some short-term pivotal resistance at 92.50 and pivotal support on all charts at last week's low at 80.33. Probabilities favor the stock trading in that range until the earnings report comes out on Friday. Probabilities very slightly favor the bulls.

CAT generated a red weekly close, suggesting that some resistance is now found at the recent high weekly close at 125.03 as well as at the 200-week MA, currently at 123.70. The bulls were successful in generating a close near the high of the week, suggesting further upside above last week's high at 120.05 will be seen this week. In addition and even more positive is that the stock traded below an important low weekly close at 114.06 on Wednesday and Thursday but then the bulls were able to close above that level on Friday. It also needs to be mentioned that the stock gapped down on Wednesday and then gapped up on Friday and that opens up the possibility of a rare island formation having been built that if confirmed would be a bull statement. The company is one of many high rated and catalytic companies that reports earnings the week after next, meaning that this week the stock is likely to follow the lead of the index market. The gap below at 113.47 is a magnet and last week's low at 108.48 is a pivot point support. There is no resistance above of consequence until the recent high at 129.60 is reached. There is some minor intraweek resistance at 123.65 and some minor intraday resistance at 117.84 that if broken would suggest 123.65 will be the next target. As such, covering the recently shorted positions on a stock loss at 117.94 can be considered. Probabilities favor the bulls.

CRON, technically speaking, generated a positive reversal week, having gone below the previous week's low and then closing green. The low was only $.02 cents below the previous weeks low but technically that can now be considered a successful retest of the recent low at 4.00, if the stock goes above last week's high this week. The stock did close in the upper half of the week's trading range and the probabilities do favor a higher high this week than last week's high at 6.19 rather than below last week's low at 5.55. By the same token, it was not an indicative week by any stretch of the imagination, meaning that just about the same situation as seen last week remains in place. Daily close resistance is found at 6.32 that if broken and confirmed, would suggest the downside is over, especially if that occurs now, after an intraweek drop below 5.57 was seen last week. Probabilities slightly favor the bulls.

ENG generated a new 7-week weekly closing high and in so doing, generated a new buy signal on the weekly chart, having closed above the previous high weekly close at .80. The stock closed near the high of the week and further upside above last week's high at .88 is expected to be seen this week. In addition, the stock also gave a now confirmed failure signal against the bears, having closed above the 9-month low daily close at .85 on both Thursday and Friday. There is some minor intraweek resistance at .90 and then nothing until the 1.10 level is reached but on a daily closing basis, there is minor to decent resistance at .99 that is further strengthened by the 200-day MA, currently at .98. If the stock does get above .88 this week, the .76 level on an intraweek basis will become short-term pivotal support. Based on the chart and the double bottom now found at .49/.51, it does seem that the traders will be working to the upside and attempting to get back up to the 200-week MA, currently at 1.14. Major pivotal weekly close resistance is found at 1.19 that if broken, would offer a $1.75 objective. That is not likely to be even attempted for another 3-6 weeks but the chart is now favorable to the bulls. Probabilities favor the bulls.

MCIG, based on the weekly close, generated another non-eventful inside week (the 5th in a row), having closed around the same .03 weekly closing area. Nonetheless, the stock did make a new 13-week intraweek low at .224 but then turned around to close near the high of the week, suggesting further upside above last week's high at .035 will be seen this week. This past week might turn out to be an eventful week because if the stock gets above .035 this week, a double low at .025/.024 will be created and if the intraweek resistance at .04 is broken, the bulls will see new buying interest come in and likely see the stock climb back up to at least the .05 level. Probabilities favor the bulls.

QQQ generated a new 6-week intraweek and weekly closing high and closed on the high of the week, suggesting further upside above last week's high at 216.51 will be seen this week. The stock continues to outperform the index but is now reached the next resistance level of some consequence between 218.10 and 218.81, on a daily closing basis. There was no such level in place the last 2 weeks, meaning that the bulls had open air above. Evidently and like the index, the bulls have had their way unexplainably so but now once again, the charts will play a part on what the stock does. The stock gapped up on Tuesday between 203.32 and 206.42 and given that this is the 3rd gap up, it is likely to be a magnet to the downside. With the stock having had almost an $18 trading range last week, it would not be surprising to see the stock have a $200-$218 trading range this week. No retest of the recent low at 164.93 has yet occurred and there are no fundamental reasons at this time for that retest not to occur. Based on the weekly chart, the $180 level remains a viable downside target. Probabilities favor the bulls at the beginning of the week but the bears toward the end of the week.

SRUTF made a new 6-month high this past week when the company announced an "amendment to the conversion price of its previously issued convertible debentures. The company issued $10,750,000 of the Debentures on October 24th 2018, of which $8,250,000 is currently outstanding and due to mature on October 24, 2020. The Debentures were originally convertible by the holders thereof into common shares of the Company at a price of $0.75 per common shares. The Company and the debenture holders have approved a new conversion price of $0.105 per share". In so making a new 6-month high, a buy signal was given, having broken weekly close resistance levels at .148 and at .175 (closed on Friday at .199). There is one resistance level above at .258 that needs to be broken and confirmed for a failure signal against the bears to be given as well. If that occurs, there is open air up to the .50 level. Weekly close support will now be found at .15. Probabilities favor the bulls.

W made a new 7-month high and closed on the high of the week, suggesting further upside above last week's high at 123.76 will be seen this week. The stock rallied in price 31% just this past week alone but has rallied 570% over the past 7 weeks. The rally has not been supported by any fundamentally catalytic news other than the fact the company has remained open during the virus run and has seen an increase in online buying interest. Because of that, there has been some buy ratings given but the average of those ratings has been a $75 price target among the 25 analysts following the company. Highest price target among those analysts has been $120 and lowest has been $35. In addition and probably even more the reason for the rally is that this stock was previously a dream stock for shorts and was showing a high 49% short interest number before this run began, meaning there has been a short-covering run of epic proportions due to the straight up move. With the stock closing on Friday at $122, the high end has been reached and based on the present fundamentals of the company, it has been said that $75 is the true value. There is now some intraweek support found between $106 and $107 that is likely to be seen soon but a bounce back up to retest the highs would likely occur from that price before the lower support levels are attempted to be reached. The decent and magnetic support is found between $75 and $80 and given that price is the consensus price worth of the company, that target is a viable downside objective. In addition and in looking at the "weekly" charts today, there is a 2-point trendline that connects 124.30 and having closed at 122.41 on Friday, if that trendline is to be respected by the traders, it can be said that the upside might be over, at least on a weekly closing basis as 122.41 is close enough to generate a 3rd point trendline point on the chart. With fundamentals not supporting this price and the stock having rallied 570% mostly on short-covering, there is an extremely high likelihood of the stock dropping back down at least 38% or 50%, which would mean a drop back down to at least $85 (38% drop) or to 71,70 (a 50% drop). Though the stock is likely to go above last week's high this week, the probabilities strongly favor a red weekly close next Friday.