July 16 2009
Today in the Stock Market
Bulls got just the follow-through they were looking as Tuesday’s gains were parlayed into another strong performance on Wednesday. Intel’s strong earnings announcement after the close Tuesday sent stocks soaring on Wednesday and financials, namely American Express also joined in on a party that saw rabid buying on the offer throughout the day.
No need to mention that our JPM pick did very well for the last 3 days….
Intel led the tech sector high by more than 4% and sparked a solid gain in the Nasdaq. The tech-heavy Nasdaq is in at an important resistance area and appears to be making the move higher that we talked about last week.
*** Also i am trying the chart service of Stockcharts today as you will see, there are some indicators on the charts we do not need, but i still wanted to put them on, for some of the subscribers that use it(after a discussion on the irrelevance of too much stuff on the charts..) but it will be the only day with them.
Focus on the middle part with the candlesticks.
Financials and select energy names helped the S&P 500 above the critical 930 level. SPY looks to be breaking a long-term downward trend line that started in May 2008 and follow through here on strong volume could lead the index back above the all-important 950 level.
SRSR is one name that we have our eyes on and some large volume has help push the stock up in recent days. We’re looking for pullback to the support area of $0,06-$0,08 (also around the 20-day moving average) as a possible entry point to go long the shares.
CHTL has been taken to the woodshed over the past couple of days and the chart doesn’t appear to be all that enticing. With this bleak setup, we will wait for a clear reversal day to provide us with a better entry point as i think the stock may have another down day left.
CSUH appears to be in a strong uptrend, at least that was the case until today. The charts show potential for a pullback and the move is interesting and should resume after the proper pullback…, Either way, CSUH is worth keeping an eye on.
GNBT is trading in a tight consolidation pattern in the high 50s (cents), indicating a breakout may be on the horizon. I am waiting for volume to be back into this stock.
Not surprisingly, RIMM was one of the catalysts sparking the NASDAQ higher on Wednesday. The stock has broken out of a tight range (where it was in for the last few trading days) and i was all over this one today…and above psychological resistance at $70 and i would expect a bullish move to play itself if the volume is there to prop RIMM shares up.
RIG is a name we liked in the $66-$67 area and that looks like it was the right call as the stock shot above $72.50 on Wednesday. The run has been nice for sure and we think that can continue as crude oil prices seem to have found support in the low 60s.
JRCC is another energy name making a bullish move higher. The stock has now pierced the 200-day moving average of $15.10. We mentioned the stock last Friday and it has been in rally mode ever since.
Have a Great Trading Day !
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!
