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Issue #193 
September 19, 2010 | Newsletter
The newsletter with chart analysis for stocks and stock indexes |
Stock Indexes Analysis/Evaluation
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| More of the Same?
DOW Friday closing price - 10607
The DOW was able to continue its recent upward trend with another green weekly close as well as generating a green daily close on 11 of the last 13 trading days. Nonetheless, the index was once again unable to produce any kind of buy signal on the weekly chart, staying below, on a weekly closing basis, a couple of decent resistances levels at 10618 and at 10654. In addition, in spite of the lack of aggressive selling and the bulls in control, further upside of consequence has been difficult to achieve. Over the 5 trading days on the daily closing chart, the index only accomplished a rally of 62 points.
The DOW has been able to establish itself above the 200-day MA with 5 closes in a row above the line, suggesting that the fears of the previous downtrend continuing and Double Dip Recession occurring have gone away. Nonetheless, the economic news continues to show an economy that is presently stalled making the probabilities high that the index is in a sideways trading range at this time, awaiting more economic news of consequence.
On a weekly closing basis, resistance is decent between 10618 and 10654. Above that level, though, there is no resistance until the 200-week MA, currently at 11000, is reached. Strong resistance is also found at the 2-year weekly closing high at 11204. On a daily closing basis, resistance is decent to strong at 10699. Above that level there is decent resistance at 10725, minor at 10897, and then nothing until strong resistance between 11000 and 11205. On a weekly closing basis, support is decent at 10155, decent between 10012 and 9932, and strong at 9688. On a daily closing basis, support is decent at the 200-day MA, currently at 10450, minor at 10303, minor again at 10098 and strong at 9986.
Due to a lack of important economic news, this past week there was little the traders could grab onto to make long-term decisions. Unfortunately, the same thing is true this coming week with the only report of any decent consequence is the Durable Goods report due out on Friday. Even then, Durable Goods is only considered to be a "B" kind of report and won't necessarily be a strong catalyst. The probabilities of more "non-event" trading being seen this coming week is high.
The DOW did get above a decent intra-week resistance at 10594 this past week, but not above a strong intra-week resistance at 10720, which likely means the bulls are in control but not so much that the index is ready to move higher "without" additional fundamental help. It is not likely that help will be found this week.
With a dearth of important news this coming week, it is unlikely the 10720 level will be broken, or even reached. The index did close in the middle of Friday's trading range between 10567 and 10650 so both the high and the low of the week could be seen. There is a good possibility that this coming week, or at the latest the following week, that some profit taking will be seen, taking the stock down to do some base building or retesting of the recent resistance levels broken. Even from a standpoint of the bull side of the equation, such a drop should be seen. The 200-day MA would be the primary objective to the downside.
It is almost uncanny how the DJI has mimicked so far the action from December to September 2004/2005, including peaks and valleys as well as price. Nonetheless, in 2005 the 4-week period from September 12th through October 10th was slightly down (from 10696 to 10156), likely awaiting the start of the third quarter earnings report season. There is no reason to believe that won't be the same for the next 2.5 weeks this year, until the next earnings report quarter of this year starts on October 7th. It should be mentioned that in 2005, the end result of the 10-month sideways trend, such as has also been seen this year, was a breakout and a 2-year rally up to the all-time highs seen in Nov07. Whether that will be the same end result this year is not yet clear as it was the earnings quarter that got the indexes moving in 2005, and that may not be the same thing that happens this year. Either way, though, until the October 7th, the probabilities favor the index doing the same thing as in 2005, which was go down first.
A trading range for this coming week could be something like 10643 to 10450.
NASDAQ Friday closing price - 2315
The NASDAQ once again took the lead position among the indexes having rallied this past week 3.2% compared to the DOW and the SPX having rallied only 1.5%. For the last 18 months, the NASDAQ has been a good indicator of trend for all the indexes and having lead the way to the upside this past week could imply that further upside is to be seen.
It must also be mentioned, that the NASDAQ closed out the week slightly above several important weekly close resistances between 2288 and 2310 seen since May and "at" the important weekly close resistance at 2317 seen the first week of January. Another green close next Friday, above 2317, could signal a breakout of consequence with a retest of the double top and 30-month high up at 2530 as the objective.
On a weekly closing basis, resistance is decent to strong at 2317. Above that level there is no resistance of consequence until minor resistance at 2453 is reached, and strong resistance at 2530. On a daily closing basis, there is decent to strong resistance at 2320. Above that level, there is minor to decent resistance at 2425 and then nothing until strong resistance between 2499 and 2530 is reached. On a weekly closing basis, support is minor at 2219, decent to strong between 2141 and 2154 and strong at 2092. On a daily closing basis, support is minor at the 200-day MA, currently at 2275 and minor to decent at the 100-day MA, currently at 2248. Below that level, there is decent support at 2196, decent to strong at 2114 and strong at 2092.
The NASDAQ has been a good indicator of "trend" during the past 18 months and if the indexes have turned around from a downtrend, or sideways trend, to a short-term uptrend, it will likely be the NASDAQ that will give the signal before any of the others. With the 2310 to 2320 area, on a daily closing basis, being strong resistance and the index having closed on Friday at 2315, it means that if the index closes above that area any day this week, that new buying will be seen. As such, this is the index to watch closely this week for any clues as to what the traders are anticipating will happen.
The NASDAQ generated a weekly gap this past week having had a previous week's high at 2252 and this past week's low being 2264. This is an index that rarely shows a weekly gap (only 3 in the past 5 years, including this one) and the only one that stayed open for a long time was when the market was collapsing in September 2008, and it was understandable why the gap remained open. The other gap was seen in June of last year between 1774 and 1793 and though a small amount of follow through to the upside (16 points) was seen the week after the gap occurred, within 4 weeks the gap was closed. As such, it is likely that some further upside will be seen this coming week, with a possible upside objective of 2341 (strong intra-week high from June of this year), but that on one of the following 2 weeks, that a drop back down to at least 2252 will be seen. It is not a lot to the downside, but it is highly likely to occur.
The NASDAQ, like the other indexes, is likely to trade in a narrow trading range this coming week. The 200-day MA, currently at 2275 should be good support this week, while the upside is likely to be contained somewhere between 2326 and 2332. Such a trading range would fit in well with what happened the last time a weekly gap was seen as well as with the strong resistance levels presently in place. Closure of the gap would then probably be seen the week after, prior to the important economic reports due out that week.
SPX Friday closing price - 1125
The SPX had a positive week closing above the weekly close resistance built since May at 1118 and at 1122, with a close at 1126. Nonetheless, it cannot be said the index accomplished anything of consequence as it was unable to get above the strong intra-week resistance, in place since June, at 1129/1131 (got up to 1131). In addition, though the index was able to make a new 19-week weekly close, it was only by 4 points above the high close in August, and that close was also 4 points above the previous high close in June. As such, there is a good possibility this new 19-week high close might meet the same fate as the one in August, which generated a drop of 90 points immediately thereafter.
The SPX remains the key index to watch this week as the chart resistance levels are clearly defined and strong, but also because most of the strong selling is concentrated in Financial stocks and therefore in the SPX. A breakout in this index would likely be very indicative.
On a weekly closing basis, resistance is minor at 1136 and decent at 1145. On a daily closing basis, resistance is strong at 1128 and decent to strong at 1150. Above that level, resistance is minor to decent at 1172 and then nothing until strong resistance is found between 1200 and 1217. On a weekly closing basis, decent support is found at 1065/1066 and strong support at 1023. On a daily closing basis, support is minor at 1115/1116 (200-day MA) and decent at 1100. Below that level, there is minor support at 1092, minor again at 1079 and decent at 1065.
The SPX was unable to generate a close above the strong daily close resistance at 1128 this past week though it tried to do so on 3 occasions, producing 3 days in a row of closes between 1125 and 1126. In addition, on Friday the bulls got a bit bolder, generating a rally above the August intra-week high at 1129 but then failed to take it above the June high at 1131. Such action could bring in a bit of disappointment on Monday as Friday, being options expiration day, was likely the best time to accomplish a breakout without fundamental news.
The SPX gapped up on Monday between 1111 and 1113 and was able to garner additional buying support off of the gap all week. Nonetheless, if the index is unable to generate any new buying on Monday, that gap will become a magnet drawing the index down. By the same token, the 200-day MA, currently at 1116 should act as support this coming week, thus putting closure of the gap as a possible negative signal.
The key for this week is evidently the 1129/1131 level. If unable to take it out on Monday, the index will likely generate a lower low that last week at 1113 and closure of the gap. Such a scenario would open the door for the index to drop down to 1088 the following week. By the same token, a break above 1131 will likely cause new buying to occur and a rally up to at least 1150. In this respect, the SPX could end up being the index that first signals a short-term direction.
This past week was very uneventful, though from the bull side of the equation it can be said that the recent up-trend continued to be confirmed, suggesting that further upside is still to come. On the other side of the coin, though, very strong resistance levels were reached and almost pushed to the max, likely meaning that though this coming week is likely to be generally uneventful as well, it needs to be uneventful to the downside as any further upside would make the week eventful from a chart basis point of view, and with important economic reports due out in 2 weeks, that would put the traders in a big quandary as to what it all means.
The economic calendar this coming week is paltry and therefore little help is expected to be seen by either the bulls or the bears. The Durable Goods Report due out on Friday is likely to be the most important report this week, but then again that report is only considered a "B" kind of report and therefore not likely to impact the market very much.
This past week was options expiration week and it can be said that might have been one of the main reasons that the indexes were able to hold on to their strength throughout the week. That help will not be available this coming week and as such, starting Monday the mood for the week is likely to be established. Probabilities favor continued low volume and limited action, but with a "very slight" downward bias.
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Stock Analysis/Evaluation
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CHART Outlooks
There is a good chance that last week's high will be the high for the next 2-3 weeks at least. The indexes are at strong resistance levels, slightly overbought, and in need of some retesting of the recent resistance areas broken. As such, today's mentions will all be sales.
In addition, the sales mentioned today are all in stocks that have their own strong resistance levels above and should move down on their own, without necessarily depending on the indexes.
One of the mentions is an add-on (JNPR) as it was already shorted this past week.
SALES
JNPR - Friday closing price - 30.01
JNPR, since January 1st 2001 (81 months) has traded between a low of $12 and a high of $32 for 97% of the time. There was one period of time during the height of the last bull market back in Aug07 to Jan08, where the stock was above the $32 level with a rally as high as $38, but in general during the last 9 years the $30 to $32 level has stopped all rallies. Based on the fact that there is no reason to think yet that a new bull market is in place, or that the stock itself in on a bull run, it is likely that trend will continue for at least the next few weeks if not longer.
In April of this year, JNPR got as high as 32.16 and upon reaching that level it promptly fell all the way down to 22.25 within a period of 12 weeks, showing that the selling up above $30 remains strong. Based on the recent rally in the indexes, the stock is presently in a rally back up to test the $32 level but it is unlikely at this time that it will be successful in accomplishing anything more than a retest of that high.
On a weekly closing basis, resistance is decent at 28.89 and strong at 31.65. On a daily closing basis, resistance is decent to strong between 28.85 and 28.92, minor to decent between 29.87 and 30.07, and strong at 31.98. On a weekly closing basis, support is minor between 27.00 and 27.20, decent at 25.63, and decent to strong between 24.76 and 25.20. On a daily closing basis, support is minor to decent between 27.20 and 27.60, and decent between 25.63 and 25.90. Below that, support is decent at 23.98 and strong at 22.82.
This past week with the help from the indexes, JNPR was able to break above a decent to strong intra-week resistance level seen often during the past 30-months, between 29.00 and 29.49 and rally to close on the highs of the week at 30.01. Because of that, follow through to the upside is expected to be seen this week, with closure of an open gap between 30.33 and 30.69 as the main objective. It must be mentioned that in January 2004 the stock had a major high at 31.25 and in December of that year, it had another major high at 30.25. As such, this recent break of resistance between 29.00 and 29.49 should only be considered temporary.
On a more recent basis, JNPR has shown decent resistance starting at 30.90 and all the way up to 31.32 that should be sufficient to stop this mini resistance breakout. In addition, in looking at the charts of the indexes, it is likely that at least for the next 2.5 weeks that the stock will not be getting help from the indexes, causing the technical chart-factors of the stock to hold well. As such, as soon as the stock fulfills its upside objective of a rally up to anywhere from 30.66 to 31.32, it should then come back down.
To the downside, the stock now shows minor to decent intra-week support at 28.00, decent support from the 200-day MA, currently at 27.35 as well as minor to decent support at the 100-day MA, currently at 26.40. Nonetheless, on the weekly chart, the stock shows no support of consequence until decent to strong support is reached between 24.76 and 25.63, where the 200-week MA is also seen.
Sales of JNPR between 30.68 and 31.30 and using a stop loss at 31.81 and having an objective of 24.70 to 25.63 will offer a risk/reward ratio of 5-1.
My rating on the trade is a 4.0 (on a scale of 1-5 with 5 being the strongest).
MMM Friday closing price - 86.07
MMM, since 2004, has traded 80% of the time between a low of $68 and a high of $90. The exception to that trading range occurred in 2007 when the market was in a major bull run and the stock got up to 93.84 as well as during the major drop in the market when the stock got down to $40. Other than those 2 periods of time, the stock has traded consistently following chart formations and patterns closely.
MMM saw a major intra-week high of 90.29 in 2005 followed by a high of 87.48. These two highs have been duplicated this past year with a high in May at 90.52 and a high in August of 88.38. This past week the stock was able to get above a minor to decent intra-week resistance at 85.17 and it is very likely that the stock is heading back up to the resistance seen in 2005 at 87.48. Such a resistance has also been seen to be in place this year.
On a weekly closing basis, resistance is decent to strong at 87.29 and strong at 88.67. On a daily closing basis, resistance is minor at 86.44 and strong at 88.03. Above that level, resistance is also strong at 89.81. On a weekly closing basis, resistance is decent to strong at 80.66, minor to decent at 78.54, and strong at 76.10. On a daily closing basis, support is minor at 84.58 and again minor at 82.18. Below that level, there is minor support at 79.78, minor to decent at 78.55, and strong at 74.92.
MMM closed on the highs of the week on Friday and follow through to the upside is expected to be seen. There is no previous resistance of consequence between Friday's close at 86.07 and 87.00, so it is possible the stock will show strength even if the indexes show none. Nonetheless, once the 87.00 level is reached, there is decent resistance all the way up to 87.48, not only from recent action but going all the way back to 2004. In addition, it should be mentioned that the most recent high weekly close was at 87.29 and it is highly unlikely that the stock will be able to close above that level, though reaching that level is a possibility. On the other side of the coin, there is a minor weekly close resistance at 86.17 and having closed last week at 86.07, there is also a decent possibility that on a weekly closing basis that no further upside will be seen.
Based on the chart for the last 18-months, there are 3 possible objectives to the downside with the most recent being the 79.20 to 80.00 level. Below that level there is 77.26 and then 75.00-75.28. On the first sell mention made back in August, there was a good possibility of the stock dropping down to the $69 level, but with the probabilities of a Double Dip recession dropping down to a minimum, that level is not likely to be reached now.
Sales of MMM between 86.97 and 87.47 and using a stop loss at 88.48 and an objective of 79.20, offers a 5-1 risk/reward ratio.
My rating on the trade is a 4 (on a scale of 1-5 with 5 being the strongest).
AMZN Friday closing price - 148.32
AMZN has been in a fundamentally inexplicable rally after the stock received a negative earnings report the third week of July. Nonetheless, on a technical/chart basis, the rally can be explained away by the failure-to-follow-through signal that was given just after the report came out. That failure to follow through signal has caused a strong amount of short-covering to occur thus feeding the rally upward.
On a weekly closing basis, there is no resistance above. On a daily closing basis, there is strong resistance at 150.09. On a weekly closing basis, support is minor to decent at 128.48, minor at 124.69 and decent to strong at 117.39. On a daily closing basis, there are a slew of "very minor" supports at 145.45, 143.63, and at 142.17. Below that level there is minor support at between 139.36 and 140.16, minor again at 137.22 and then nothing until minor to decent support is found at $130 and decent support at 128.04.
The bulls have enjoyed an unexpectedly strong rally to the upside, mainly based on much panic short-covering. This was once again evident this past week with the help of the indexes. Nonetheless, the stock is now reaching a major level of resistance between 150.09, based on a daily closing basis, and 151.09, based on the all-time intra-week high. Having rallied originally off of a double bottom at 105.80/106.00, the possibilities do exist that the same opposite thing could happen up at the $150/$151 level. It must be mentioned, though, that the stock did make a new all-time weekly closing high this past week closing above the previous high at 143.63 by $4.70. This means that another close above the previous high weekly close at 143.63 would be confirmation of a breakout. By the same token, a close below 143.63 next Friday would give a failure-to-follow-through signal that could generate the exact type of move to the downside as has been seen over the past 10 weeks to the upside.
It should also be mentioned that the last earnings report that came out on June 27th was bearish at $.45c earnings, and the next earnings report due out on October 21st is only anticipated to be $.48c and with the stock trading almost $43 (45% higher in price) above the low seen right after the last report, the probabilities of the traders starting to factor-in the still-bearish earnings should start soon.
Sales of AMZN between 149.00 and 150.09 and using a stop loss at 151.38 and having a minimum objective of 130.00/128.12 will offer an 8-1 risk/reward ratio.
My rating on the trade is a 3.5 (on a scale of 1-5 with 5 being the strongest.
FDO Friday closing price - 43.46
FDO is a stock that has basically traded between $20 and $40 for the past 10 years. Nonetheless, the stock for the last 21 months has been on a major rally that has taken it from a low of 14.62 to last week's high at 44.07. Nonetheless, with 44.13 being the all-time high, the rally has run into an area where strong resistance is present.
FDO is a stock that generally acts well during recessionary periods and it has been surprising to see so much strength recently as the indexes have rallied over the past 2 weeks based on the fact that a Double Dip Recession is not likely to happen. For that fundamental reason alone, the stock should be considered as a good short here.
On a weekly closing basis, resistance major at 43.61. On a daily closing basis, there is strong resistance between 43.50 and 43.56. On a weekly closing basis, support is minor to decent at 42.61 and then nothing until minor support is found at 38/96. Below that level, there is minor support at 38.17 and strong support at 36.00. On a daily closing basis, support is minor at 42.82, and minor to decent at 42.26. Below that level, support is decent at 40.00, decent again at 37.39 and strong at 36.11.
FDO has tried twice over the past 5 weeks to get above the all-time high at 44.13 with rallies up to 44.03 and 44.07. It has been unable to accomplish that feat. The stock now shows a possible retest of that double top this past week with a rally so far up to 43.67. There doesn't seem to be any reason, fundamentally or chart-wise, that the stock will be successful in making new all-time highs this week, but the probabilities are now starting to shift back to the downside because of the repeated failures over the past 5 weeks to make new highs.
FDO has moved straight up from a low seen the first week of July at 35.31 without any kind of correction or even backing and filling. As such, if the stock fails to make new highs, the disappointment will be palpable and a drop back down to the $35 could easily be seen over the next few weeks.
It must be mentioned that the stock gapped up the last week of July from 39.94 to 40.59. That gap has not yet been tested and with the repeated failures over the past 5 weeks, the probability of the stock going down to test that gap area is now very high. Should the stock close the gap and get below the $40 level as well as below the 100-day MA, currently at 40.40, drops down to the 200-day MA, currently at 36.70, would be probable. Either way, the drop back down to at least the gap area still makes the trade very attractive.
The most attractive factor in this trade is the clearly defined and close-by major resistance, as well as the fact that the recent strength in the indexes is not necessarily fundamentally supportive to the stock. As such, the probabilities have started to shift back to the bears and the risk/reward ratio is excellent on a sale.
Sales of FDO between Friday's closing price of 43.46 and up to 43.90 and using a stop loss at 44.23 and having an objective of the 200-day MA, currently at 36.70, offers a risk/reward ratio of 6-1.
My rating on the trade is a 4 (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 extended its uptrend with a higher weekly close than last week. Nonetheless, the stock failed to establish convincingly that further upside is forthcoming, closing just slightly below the 50-week MA, currently at 7.35 as well as below the important 7.50 pivot point area. The stock did have an inside day on Friday, which suggests that further upside will be seen on Monday, with the 200-day MA, currently at 7.80, as the objective. On an intra-week basis, support should now be decent at 6.71 (6.90 on a daily closing basis). Probabilities are high that this coming week the stock will trade between those two levels (6.71 and 7.80). It is unlikely that any kind of a definitive statement will be made this coming week. Should the high at 7.80 be seen first, a short-term liquidation should be considered, selling around 7.80 and buying back around 6.71. NOK had a very uneventful inside week pivoting around the psychological resistance at $10. Nonetheless, on the daily closing chart, the stock was able to close at or above $10 on 2 of the 5 trading days and just slight below $10 between 9.94 and 9.96 the other 3 days, suggesting that the stock is digesting this recent move up before deciding which is the next direction. It is highly probable that the stock will continue to trade intra-week between 9.64 and 10.38 and until the stock gets above or below either one of those levels, it will likely continue to do the same as this past week, trade sideways. Based on the fact the stock had an inside week this past week, it is likely the upside will be the first direction, with 10.38 as the upside objective. WFC broke above the 100-week MA intra-week, currently at 26.00, but at the end of the week ended up closing at the line once more, for the third week in a row, suggesting the traders have no idea of the direction the stock will take next. Nonetheless, the stock did close in the lower half of the week's trading range, suggesting that the stock will go below last week's low at 25.61 this coming week. It must be mentioned that the recent low at 23.03 has not yet been tested and with the stock in a short-term downtrend, the probabilities of that low being tested, with a drop down to at least 24.60, but more probably down to 23.20, are good. The stock had a reversal day on Friday with higher highs, lower lows and a close in the red, suggesting that the downside will be the first direction seen this coming week. Possible trading range for this coming week is 26.13 to 24.95. Any rally above this past week's high at 26.79, will likely generate new buying and a rally up to at least 28.16. AXP had an inside week this past week leaving questions unanswered. Nonetheless, the stock did close near the highs of the week, suggesting that some upside will likely be seen this coming week. On a negative note, though, the stock traded and closed all week below the 200-day MA, currently at 41.30, in spite of the fact that it visited the line on Monday and on Friday. The 100-day MA, currently at 41.70, should be strong resistance this week. It must also be mentioned that the 100-day MA is currently arching down to cross below the 200-day MA and if that happens, it is likely to be a negative sign. The week's high was 41.48 and it is likely that level will be broken this week only because some follow through to the upside should be seen. By the same token, a rally up to the 41.70 resistance would fulfill the need for a higher high than last week, but keep the stock in a bearish chart formation. For this coming week, the $40 level will likely be good support, so a trading range between 41.70 and 40.00 would be highly likely. Overall, though, the chart remains bearish. Any break above 41.83 would likely generate a rally up to 43.16, while a break below 39.14 will likely generate a drop down to 37.05. JNPR rallied this past week up to the psychological resistance at $30. This was not unexpected as the strength in the indexes, as well as the copious intra-week resistance between 29.00 and 29.21, meant that the resistance there was likely to be broken and that some new buying would come in. Nonetheless, in my initial evaluation of the chart, I did state that it was highly unlikely the stock would be successful in getting above the 30.25 to 31.25 level as that has been an established resistance since 2001. The stock does show an open gap between 30.33 and 30.69 that will likely be closed this week. Nonetheless, such a closure should be used to add short positions in the stock as the long term chart continues to give a high probability that the stock will eventually head back down to at least the $22 level over the next few months. Resistance is strong on the daily chart up at 30.90, so any rally up close to that level should be sold.
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1) DCTH - Averaged long at 6.263 (3 mentions). No stop loss at present. Stock closed on Friday at 7.25.
2) AMZN - Shorted at 144.45 and at 145.70. Covered shorts at 146.93. Loss on the trade of $371 per 100 shares (2 mentions) plus commissions.
3) MMM - Shorted at 84.96. Covered shorts at 85.37. Loss on the trade of $41 per 100 shares plus commissions.
4) JNPR - Shorted at 29.13. Stop loss at 31.81. Stock closed on Friday at 30.01.
5) NTES - Shorted at 40.36. Averaged short at 41.05. Covered shorts at 39.02. Profit on the trade of $406 per 100 shares (2 mentions) minus commissions.
6) SNDK - Liquidated at 39.70. Purchased at 36.53. Profit on the trade of $317 per 100 shares minus commissions.
7) FSLR - Shorted at 142.39. Covered shorts at 141.33. Profit on the trade of $106 per 100 shares minus commissions.
8) NOK - Purchased at 8.64. Stop loss now at 9.00. Stock closed on Friday at 9.96.
9) FSLR - Covered shorts at 142.96. Shorted at 134.99. Loss on the trade of $797 per 100 shares plus commissions.
10) WFC - Shorted at 24.84. No stop loss at present. Stock closed on Friday at 26.01.
11) AXP - Shorted at 40.65. No stop loss at present. Stock closed on Friday at 41.37.
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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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