Thursday's Watchlist 1.14.10
Here are a few stocks that look strong as of Thursday’s (1.14.10) open.
Here are a few stocks that look strong as of Thursday’s (1.14.10) open.
As of 2:45pm EST on Thursday, July 22, 2010 all the major averages are trading above their respective two month downward trendlines and their 50 DMA lines. However, it is a bit disconcerting to see volume recede as the market moves higher. This is the exact opposite of what one would like to see when the major averages rally above resistance. It is also important to note that the major averages are rallying up to an area where they encountered resistance several times in recent weeks and they are still below their longer term 200 DMA lines. That said, we can not argue with the tape and the bulls deserve the bullish benefit of the doubt until this “breakout” is negated. Trade accordingly.
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Note: The Following is an excerpt from an intra-week update sent to our clients earlier today. Market Update: Downdraft Continues… For Now If today’s lows hold, there is a very high likely hood that we bounce from here. If not, the downdraft will likely continue. As mentioned in earlier this week, it is time to play…
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